US Stocks Inch Lower

Hemera/Thinkstock(NEW YORK) -- Stocks tumbled hard in early trading on Thursday, but recovered most of their losses by the closing bell.
 
The Dow Jones Industrial Average closed down 12.67 points at 15,294.50. The Nasdaq Composite gave up 3.88 points to close at 3,459.42. The S&P 500 finished the session down 4.84 points, closing at 1,650.51.
 
The markets appear to be on track for a losing week, but are still well ahead for the month of May.
 
Meanwhile, new home sales are going through the roof.  The National Association of Homebuilders says they soared last month to the second-highest level since the summer of 2008, and the median price hit a record high.  Low mortgage rates are encouraging more people to buy.
 
The number of Americans applying for unemployment benefits fell by 23,000 last week. Experts say it's further evidence that the job market is slowly returning to health.
 
Copyright 2013 ABC News Radio

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