The stock market bounced back this morning following a massive sell-off Tuesday that sent the Dow Jones industrial average plummeting 416 points, MSNBC reported.

Wall Street’s main stock indexes wavered this morning, but later rallied. As of 10 a.m., the Dow Jones industrial average was up 114.72 points, or 0.94 percent, the broader Standard & Poor’s 500 index was up 16.03 points, or 1.15 percent, and the Nasdaq composite had climbed 20.86 points, or 0.87 percent.

Yesterday’s sell-off was prompted by a batch of economic reports and growing concerns about slowing economies in the United States and China. Overseas, the Shanghai stock market, whose nearly 9 percent skid Tuesday started a global sell-off, rose nearly 4 percent, helping to boost U.S. trading. European stocks fell, but the declines were milder than on Tuesday.

In testimony on Capitol Hill this morning, Federal Reserve Chairman Ben Bernanke told lawmakers that his agency is closely monitoring the financial markets and the U.S. economy, and so far the markets “seem to be working well.”