Stocks Wipe Out Most Of Losses But Still End Lower

Stocks turned what was shaping up as an ugly day into a so-so outcome Thursday.

After slipping almost 2%, the indexes climbed in the afternoon, wiping out most of their losses.

Volume was up across the board and accelerated during the rebound. The late pickup in activity was a positive sign

The Nasdaq finished 0.1% down. The S&P 500 and the NYSE composite shaved 0.2% each. The Dow carved off 0.5%

While the market's rebound was encouraging, the mixed signals continue. Institutional buying is scarce: The major indexes' Accumulation/Distribution Ratings remain at the lowest possible level.

Action among leading stocks, however, was generally positive

But with the market in a correction, it's best to avoid buying any stock. The odds are not in the buyer's favor.

In economic news, first-time jobless claims came in worse than expected. Durable goods orders ex transportation also missed views. And anxiety over Greece rose as fears grew that rating agencies would cut ratings on Greece.

Energy stocks were among the day's worst as prices of crude futures slumped back below $80 a barrel.

U.S. Stocks Fall, Trim Most Losses

5:15 p.m. Update: Greek debt woes and some worse-than-expected economic data slammed stocks Thursday, but equities finished well off their worst levels of the session.

The Dow pared a 1.8% shortfall to 0.5%. The NYSE composite and S&P 500 dipped 0.2% each. Meanwhile, the Nasdaq slipped 0.1%.

Volume climbed across the board.

Stocks tumbled out of the gate after Moody's Investor Services threatened to downgrade Greece's debt ratings. Standard & Poor's warned of a downgrade late Wednesday. Weekly jobless claims came in worse than expected, while durable goods orders ex transportation unexpectedly fell.

Overall, leaders down in heavy volume were few

Economic reports Friday include Q4 revised GDP, Chicago PMI, Michigan sentiment index and existing-home sales.