According to the reports, U. S. markets pulled up from a near free-fall Thursday with the Dow Jones industrial average closing off 3.2 percent, up from a descent of 9 percent.

Losses escalated and turned into a sudden plunge in mid-afternoon, with investors in flight on worries that Greece could default on its debt and the crisis would spread.

It was reported that Greece's parliament approved a $38 billion austerity package Thursday, but demonstrations in the streets that led to a sobering three deaths Wednesday and negotiations that revealed great reluctance among European nations to pitch in, and among Greeks to accept help, have boiled into a stew of distrust.

It was further noted that the DJIA imploded, losing more than 1,000 points before regaining some traction and climbing over 400 points. At close, the DJIA was down 3.2 percent, off 347.80 points to 10,520.32.

The selloff, had markets closed earlier, would have marked the single biggest percentage loss in history. The DJIA fell 9.2 percent or 998 points, before recovering. The largest loss in a singled day was 6.98 percent, a 777-point drop on Sept. 29, 2008.

As it was, more than 8 billion shares traded hands with an hour of trading left to go. In contrast, the New York Stock Exchange listed 6.8 billion shares were traded by the close of markets, The Wall Street Journal has said.

It was further noted by the report that losses were not contained in the United States or Europe. The Shanghai composite index in China fell 4.11 percent. In Japan, the Nikkei 225 index took a sock in the jaw after a return to action from a national holiday. Catching up with global shifts, the Japanese index fell 3.27 percent, 361.71 points, to 10,695.69. (With Inputs from Agencies)