U.S. stocks on Thursday pared losses following a report that Greece had reached an agreement with the European Union and International Monetary Fund regarding a five-year austerity plan.
The Dow Jones industrial average closed down 59.67 points, or 0.49%, at 12,050.00; the S&P 500 fell 3.64 points, or 0.28%, ending at 1,283.50; and the Nasdaq composite closed up 17.56 points, or 0.66%, at 2,686.75. All numbers are preliminary.
Measures proposed by Greek Finance Minister Evangelos Venizelos to complete a €78 billion ($111 billion) austerity package required to win a bailout were endorsed by EU and IMF officials, said a person familiar with the matter.
The S&P 500 had tumbled as much as 1.9% earlier in the day, while the Dow had declined as much as 1.1%. The fall was fueled by a 4.6% decline in oil, erasing its gains for the year, after the International Energy Agency said its members would release crude from strategic reserves.
The agency announced the release of 2 million barrels a day for 30 days beginning next week to help make up for a Libyan supply disruption.
Also hurting stocks was a Labor Department report that applications for jobless benefits increased by 9,000 to 429,000 last week. Purchases of new U.S. houses fell in May for the first time in three months, showing the industry is struggling to gain momentum. Sales dropped 2.1% to a 319,000 annual pace last month, figures from the Commerce Department showed.