Stock Close Lower on Data Cocktail, Chips

NEW YORK (TheStreet) -- Stocks tumbled but came off session lows by Thursday's close after initial jobless claims and foreclosure news sparked some concern about the economy's recovery.

The Dow Jones Industrial Average slid 94 points, or 0.9%, to close at 10,333. The S&P 500 dropped 15 points, or 1.3%, to 1095, as the Nasdaq declined 36 points, or 1.7%, to 2157.

Dell(DELL Quote) disappointed after the closing bell, as third-quarter profit fell 54% to $337 million, or 17 cents a share. Amid shrinking market share and unimpressive gross margins, the PC-maker revealed an adjusted profit of 23 cents a share, missing forecasts calling for 28 cents a share. Sales slipped to $12.9 billion vs. a $13.2 billion estimate. Shares, in turn, fell over 5% in after hours trading.

The down day began after a string of morning economic reports offered contrasting views on the nation's economic well-being. The Labor Department reported that initial claims for jobless benefits remained unchanged at 505,000 for the week ended Nov. 14, after revisions the week before.

The tally was largely in line with the consensus of 504,000, though the prior week's unrevised total stood at 502,000. The number of those continuing on jobless benefit rolls dipped to 5.61 million from 5.65 million. Analysts expected a fall to just under 5.6 million.

Job losses also led to record foreclosures and delinquency rates in the third quarter, according to the Mortgage Bankers Association. The percentage of mortgage loans in foreclosure or with at least one payment past due grew to a non-seasonally adjusted 14.41%, the highest in the history of the MBA survey.