New York ? The stock market is taking a breather.

The wrenching ups and downs of the past few months have given way to a certain tranquility in December, offering Wall Streeters a break from the world-is-ending days of just a few weeks ago.

From Labor Day to Nov. 20, the stock market plunged 40 percent because of events that terrified investors. From the government takeover of Fannie Mae and Freddie Mac and the bankruptcy of Lehman Brothers in September to the credit freeze in October and dreadful economic reports in November, it seemed the financial system was collapsing.

Now, the government has taken aggressive efforts to shore up the economy, and a severe recession has been factored into stock prices. The wild daily swings common in October and November have eased. Not even the drumbeat of more bad economic news seems to spook investors lately.

On Monday, the Dow Jones industrial average fell 59.18 points, closing at 8,519, up nearly 13 percent from its low of 7,552 on Nov. 20 but still down 26 percent from 11,544 the Friday before Labor Day.