Stocks pare some losses but end lower

(CNNMoney.com) -- Stocks closed modestly lower Thursday but recouped earlier losses, as investors digested an unexpected rise in jobless claims and Cisco Systems' cautious outlook.

The Dow Jones industrial average (INDU) lost 59 points, or 0.6%, to end at 10,319.95.

The S&P 500 (SPX) fell 6 points, or 0.5%, to end at 1,083.61, and the Nasdaq (COMP) dropped 18 points, or 0.8%, to settle at 2,190.27.

Earlier in the session, the blue-chip Dow index sank as much as 110 points. But as the day wore on, all three indexes rebounded somewhat off their lows.

"We've taken a pretty big drop this week," said Steven Goldman, market strategist at Weeden & Co. "The market has gotte really oversold, so bargain hunters are coming in." (more)