Dow Jones: a seesaw day of tension

On the economic front, hiring picked up in July as the Labor Department reported employers added 117,000 jobs last month and the unemployment rate dipped to 9.1 percent, an improvement from the past two months. Economists had expected a gain of 85,000 jobs.

Despite the positive data, experts remained skeptical.

"Come on! Tell me who these new hires are," said Todd Schoenberger, managing director at LandColt Trading. "A number (which still isn't anywhere near normal for a recovery period) surprised like this after the data we received, not to mention the significant layoff announcements we've been hearing about lately, just doesn't seem to add up."

Among earnings, Procter & Gamble posted better-than-expected earnings as cost cuts and price increases helped mitigate the impact of more expensive materials.

Priceline surged to lead the S&P 500 gainers after the online travel agency reported a higher profit that beat expectations as strong growth at its overseas markets boosted bookings. At least two brokerages raised their price targets on the firm.

Bank of America slipped after Wells Fargo cut its rating on the financial giant to "market perform" from "outperform."

China and Japan called for global cooperation after a financial market rout signaled fear that Europe's debt crisis could spin out of control and the U.S. economy may slide into another recession.

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