Volatile day ends with stocks near opening prices

Stocks gave up afternoon gains from a recovery, it's still predicted to be a rough week on Wall Street.

"Early on we heard comments from [Atlanta Fed president Dennis Lockhart] about how bad the economy has been for a long period, even before the credit problems. It made people concerned that it's too late for the Fed to salvage things with a rate cut," said Art Hogan, chief market analyst at Jefferies.

"But investors are starting to realize that both the Dow and S&P are looking attractively valued when you look at earnings projections for the year, and that we've already priced a lot of worst-case scenarios in," he said.

As discussed earlier, it was expected that the recent weak job report could create an additional move by the Federal Reserve, today however the public statements being made by those in Federal Reserve do not appear to be encouraging of an additional rate cut at this time.