October 16, 2014- Stocks Pare Losses on Easing Concerns

After moving sharply lower the open, stocks have staged a significant recovery attempt over the course of the trading day on Thursday. The major averages have bounced well off their worst levels of the day and briefly climbed into positive territory. In recent trading, the major averages have dipped back into the red, although they remain well off their lows. The Dow is down 49.87 points or 0.3 percent at 16,091.87, the Nasdaq is down 21.83 points or 0.5 percent at 4,193.49 and the S&P 500 is down 5.65 points or 0.3 percent at 1,856.84. The initial weakness on Wall Street reflected ongoing concerns about global economic growth along with worries about an expansion of the Ebola outbreak in the U.S. Traders seemed to ignore a batch of largely upbeat U.S. economic data, including reports showing an unexpected drop in initial jobless claims and a bigger than expected increase in industrial production.