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U.S. stocks staged a late-day rally to rise the most in two weeks as investors snapped up the cheapest energy shares on record and real-estate companies gained after CB Richard Ellis Inc. raised cash in a share sale.

The S&P 500 added 6.9 percent to 911.27, reversing a slide of 3.9 percent. The Dow increased 552.51 points, or 6.7 percent, to 8,835.17. The Nasdaq Composite Index jumped 6.5 percent to 1,596.7. About 14 stocks rose for each that fell on the New York Stock Exchange.

Exxon Mobil Corp. and Chevron Corp. led gains in all 40 energy producers in the Standard & Poor's 500 Index and helped the Dow Jones Industrial Average rebound from a 317-point drop. CB Richard Ellis, the world's largest provider of commercial real estate services, advanced 44 percent for its steepest gain since going public in 2004.

"This is clearly the best buying opportunity we've seen in a long time," yet "the volatility and magnitude of the downside move has shocked people and frightened them," said Robert Schaeffer, a money manager at Becker Capital Management Inc. in Portland, Ore., which oversees $2 billion.

The S&P 500 swung between gains and losses at least 38 times, including a drop that sent the benchmark index to its lowest level since the Iraq War broke out 5 1/2 years ago.

The three consecutive declines before today pushed the benchmark index 35 percent below its average for the past 200 days, only the second time that's happened since the Great Depression. The last time was a day before the average rose 12 percent on Oct. 13, the biggest rally since 1939.