Although stocks closed lower on Wednesday, they are definitely above session lows. Biotechs recovered and traded higher while the S&P 500 sustained a technical level. At the end of trading, Dow Jones closed at 249 points, way better than the previous downslide of 550 points.

After another day of wild ride, the stock market appears to be reviving. This condition is not expected to stop soon considering that the oil prices are continuously going down. But increasing worries about China's economy still kept investors on the edge of their seats.

After the European and Asian markets fell, the U.S. stocks followed suit. This caused the Dow Jones industrial average to go down 3.5 percent or 565 points. The situation also triggered the downslide of other market indices which went down to their lowest levels since the first quarter of 2014.

Art Hogan, Wunderlich Securities Chief Market Strategist noted that "Any rally that starts is going to be violent to the upside."

A year ago today, the major averages are down more than 8 percent.

The stock market appears to have recovered albeit in one day, even if the Dow closed at 249 points. That figure is almost half of the 550 points downgrade that the index experienced previously. IBM stocks contributed greatly in those declines, while UnitedHealth was the recipient of most of the gains.

Prices seem to rally in the afternoon, most notably in the Nasdaq composite index. However, it went down again but fortunately closed with manageable losses.

The main reason for that sudden drop is the significant fall in oil prices. Currently, these prices are now down by almost 30 percent in just three weeks leading to a 12-year lows going beyond $27 per barrel.

"The market's been hurt in the past two-and-a-half weeks by strong openings," says Bruce Bittles, RW Baird Chief Investment Strategist. He added that this situation encourages selling.