DOW - Still closed above 12,000. Bulls have fought back!

Dow 12,050.00 -59.67 -0.49%

By: JeeYeon Park
CNBC News Associate


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Stocks finished off session lows Thursday following a report that Greece has forged a deal with the EU and IMF on an austerity plan, but investors were cautious following a weak jobs news in addition to the Fed's tepid economic remarks.

The Dow Jones Industrial Average was down 59.67 points, or 0.49 percent, to end at 12,050, climbing back from 234 points at its session low.


The tech-heavy Nasdaq gained 17.56 points, or 0.66 percent, to finish at 2,686.75, rebounding from the day's double-digit loss.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, pared some gains to end above 19.

Greece won consent from a team of EU-IMF inspectors for a five-year austerity plan after committing to an additional round of tax rises and spending cuts, according to a report from Reuters. The Greek Parliament is expected to vote on the austerity plan next week.

"It goes to show with a light volume, how headline-driven this market is," said Sal Arnuk, co-manager of trading at Themis. "Over the next week, we’re going to see headlines finalize and once we get Greece out of the way, focus will be on earnings season."

Volume continued to be light with the consolidated tape of the NYSE at 4.24 billion shares, while 1.11 billion shares changed hands on the floor.

Stocks had been sharply lower for most of the session following a handful of negative news:

Oil prices tumbled after the U.S. DOE announced it will release 30 million barrels from the Strategic Petroleum Reserve as part of the overall International Energy Agency's release of 60 million barrels per day. U.S. light, sweet crude tumbled $4.39 a barrel, or 4.6 percent, to settle at $91.02 a barrel, while London Brent crude fell $6.95, or 6.09 percent, to settle at $107.26.