The global equity powerhouse known as the Australian Stock Exchange - or so it seems for today anyway - blew off the 634 smashing on Wall Street with the benchmark All Ordinaries Index finishing 40 points HIGHER at 4097.
The one per cent closing gain did take a little time, and considering the opening four per cent plunge is one of the best turnarounds on a single day in recent memory.
Investors were snapping up bargains all over the ASX, but there was a special twinkle in the eye of the large cap. resource stocks.
Leading the north bound charge was Mount Gibson Iron (ASX: MGX) jumping 6.0% to $1.52, closely followed by rare earth play Lynas Corporation (ASX: LYC) which gained 4.2% to $1.88.
Other star performers included Woodside Petroleum (ASX: WPL) which increased 3.0% to $34.81, along with Atlas Iron (ASX: AGO) rallying 2.8% to $3.68 and Fortescue Metals Group (ASX: FMG) gaining 2.7% to $5.74.
Major resource plays adding more than one per cent included Rio Tinto (ASX: RIO) $69.74, Gloucester Coal (ASX: GCL) $8.66, OZ Minerals (ASX: OZL) $11.54, Santos (ASX: STO) $11.45 and BHP Billiton (ASX: BHP) $37.05.
Just edging into the green by less than one per cent was Ivanhoe Australia (ASX: IVA) $2.19, Alumina (ASX: AWC) $1.79 and Oil Search (ASX: OSH) $6.12.
There was still some carnage in the sector, and leading the sell-off was a bit of an oddity in Sundance Resources (ASX: SDL) which headed south 3.3% to $0.44 - quite odd considering the $0.50 takeover bid on the table.
Caught in the downslide was PanAust (ASX: PNA) which lost 2.8% to $3.47, with mineral sands focused Iluka Resources (ASX: ILU) off 2.1% to $14.30 and Macarthur Coal (ASX: MCC) giving back 1.9% to close at $14.72.
Ending down for the day, but only marginally at one per cent or less, was New Hope Corporation (ASX: NHC) $4.90, Paladin Energy (ASX: PDN) $2.16 and Newcrest Mining (ASX: NCM) $38.72.