Stocks managed to climb well off the lows to close slightly in the red. The Dow opened down triple-digits following a 7.3% plunge on Japan's Nikkei 225 (^N225). The Tokyo exchange suffered its biggest loss since the earthquake, tsunami, and nuclear disaster more than two years ago. The drop there was precipitated by disappointing economic news out of China and remarks yesterday from Fed Chairman Ben Bernanke. On the economic front, weekly jobless claims have dropped again. The Labor Department says there were 340,000 new claims filed last week, down from a revised figure of 363,000 in the prior week. Meanwhile, new home sales rose 2.3% in April to a seasonally adjusted annual rate of 454,000. That's the second fastest pace in nearly five years.
Shares of Hewlett-Packard (HPQ) rose more than 17% on the heels of its quarterly report released after yesterday's closing bell. The company posted earnings of 87-cents excluding items. That's down from a year ago, but it beat estimates byRead More »from Stocks Climb Back Despite Overseas Sell-Off