Dow Jones Intraday Reversals

Today's intraday reversal in the Dow was the first time since July 2002 where the index recovered more than 2.5% after being down at least 2.5% intraday.  Below we highlight all the prior occurrences since 1987.  In regards to the following day's performance, there is no clear trend as far as direction is concerned, but many big moves have occurred.  Overall, the average return is a decline of 1.06%.  However, if we omit the 1987 period which contained several occurrences within days of each other, the return is a more respectable 0.14%, but even still the returns vary widely.