US Markets
U.S. stocks ended little changed on Thursday, with the Dow
industrials recouping much of a 206-point deficit, as investors
balanced worries about global growth against mostly better-than-expected
U.S. earnings and economic reports.
"The market is not trading off of fundamental news, it is trading off worries, whether it's the importing of weak economic growth or Ebola," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
"Volatility has reared its ugly head again, but we had nothing for the better part of 16 to 18 months. When you have nothing and go to something, its seems magnified, it's much more pronounced," said Chip Cobb, portfolio manager at BMT Asset Management.
After jumping as high as 29.41, the CBOE Volatility Index, a measure of investor uncertainty was lately down 2.1 percent at 25.70.
"We do all have short-term memories and really have never gotten away from 2008 and 2009. Even though the market was up double digits last year, and started off well this year, there hasn't been a time in the last six years where people have had really strong convictions about this bull market," said Cobb.
"The market is not trading off of fundamental news, it is trading off worries, whether it's the importing of weak economic growth or Ebola," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
"Volatility has reared its ugly head again, but we had nothing for the better part of 16 to 18 months. When you have nothing and go to something, its seems magnified, it's much more pronounced," said Chip Cobb, portfolio manager at BMT Asset Management.
After jumping as high as 29.41, the CBOE Volatility Index, a measure of investor uncertainty was lately down 2.1 percent at 25.70.
"We do all have short-term memories and really have never gotten away from 2008 and 2009. Even though the market was up double digits last year, and started off well this year, there hasn't been a time in the last six years where people have had really strong convictions about this bull market," said Cobb.
After a 206-point drop and 69-point gain, the Dow Jones Industrial Average dropped 0.1 percent.
The S&P 500 added 0.1 percent, consumer staples and telecommunications the leading laggards and energy and materials gaining the most among its 10 main industry groups.
After falling to a low of 4,131.65, pulling it down more than 10 percent from its recent bull-market intraday high, the Nasdaq added 0.2 percent.
For every share falling more than two gained on the New York Stock Exchange, where 712 million traded by 3:10 p.m. Eastern. Composite volume cleared 3.9 billion.
Apple fell as the supplier of consumer technology showed off its latest iPads and said it would launch a wireless payment system on Monday.
Getty Images
Trader on the floor of the New York Stock Exchange.
Upbeat data on the U.S. labor market did little to nothing
to curb selling in the early going, with the same true of earnings from
companies including Netflix and Goldman Sachs Group.
The government said its count of Americans filing claims for jobless benefits dropped to a 14-year low last week, falling by 23,000 to 264,000, its lowest since 2000.
Separately, U.S. industrial production rose 1.0 percent in September, versus expectations of 0.4 percent.
Less positive was a u-turn in confidence among home builders in October, falling sharply after rising to a nine-year high the prior month.
Stocks recovered much of their drop after St. Louis Federal Reserve Bank President James Bullard told Bloomberg News that the Federal Reserve should consider postponing the end of its bond purchase program to stop the drop in inflation expectations.
"He doesn't vote, so what he thinks doesn't mean anything," said Peter Boockvar, chief market analyst at the Lindsey Group, who called Bullard's comments "irresponsible and clueless."
"It goes to show you that the market is willing to bite on anything," offered Luschini.
The U.S. dollar turned lower against the currencies of major U.S. trading partners and the 10-year Treasury yield used to determine mortgage rates reversed course, up 2 basis points at 2.162 percent.
On the New York Mercantile Exchange, oil futures for November rose 87 cents, or 1.1 percent, to $82.63 a barrel, after dropping as low as $79.78 a barrel during the day. Gold futures for December delivery fell $3.60, or 0.3 percent, to $1,241.20 an ounce.
On Wednesday, U.S. stocks closed down but recovered significantly from historic intraday losses amid concerns about Europe, Ebola and the economy.
The government said its count of Americans filing claims for jobless benefits dropped to a 14-year low last week, falling by 23,000 to 264,000, its lowest since 2000.
Separately, U.S. industrial production rose 1.0 percent in September, versus expectations of 0.4 percent.
Less positive was a u-turn in confidence among home builders in October, falling sharply after rising to a nine-year high the prior month.
Stocks recovered much of their drop after St. Louis Federal Reserve Bank President James Bullard told Bloomberg News that the Federal Reserve should consider postponing the end of its bond purchase program to stop the drop in inflation expectations.
"He doesn't vote, so what he thinks doesn't mean anything," said Peter Boockvar, chief market analyst at the Lindsey Group, who called Bullard's comments "irresponsible and clueless."
"It goes to show you that the market is willing to bite on anything," offered Luschini.
The U.S. dollar turned lower against the currencies of major U.S. trading partners and the 10-year Treasury yield used to determine mortgage rates reversed course, up 2 basis points at 2.162 percent.
On the New York Mercantile Exchange, oil futures for November rose 87 cents, or 1.1 percent, to $82.63 a barrel, after dropping as low as $79.78 a barrel during the day. Gold futures for December delivery fell $3.60, or 0.3 percent, to $1,241.20 an ounce.
On Wednesday, U.S. stocks closed down but recovered significantly from historic intraday losses amid concerns about Europe, Ebola and the economy.
—By CNBC's Kate Gibson
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