Dow makes slight recovery from plummet as markets close

The Dow Jones industrial average closed down 259 points Wednesday, rallying from its 560-point plunge earlier in the day. The S&P ended the day down 1.19 percent after a 3.7 percent plummet in the day, and the Nasdaq also made a comeback, closing down .11 percent after dropping nearly 4 percent earlier.

The stock market's plummet follows the continuing decline of oil prices, which have now reached their lowest levels in over 12 years and are expected to continue falling following the lifting of sanctions on Iranian crude oil exports. At the close Wednesday, crude oil prices had tumbled to $26.55 a barrel.