The Dow Jones industrial average reversed its course in New York late yesterday, recovering much of its 175-point decline as investors bought up stocks at cheap prices following a four-day sell-off.

On Wall Street, the Dow dropped 27.16 points - or 0.3 per cent - at 8,936.57. It was the fourth day of losses for the blue-chip index, which going into today's trading session had already lost 208 points since last Thursday.

Broad-market indicators also bounced back late, after suffering heavy losses early today as renewed uncertainty about the economic crisis in Asia triggered yet another rash of global market jitters.

Compounding the latest panic was a 10 per cent tumble on the Russian stock market. The sell-off came as the Russian Central Bank tripled a key interest rate to a whopping 150 per cent in a drastic bid to steady the nation's plunging financial markets. Speculation has grown that Russia will need a rescue package from the International Monetary Fund.