Stocks managed late-session gains Thursday in a volatile day influenced by a weak U.S. housing report and a mix of corporate results. U.S. existing-home sales fell in March to an annual rate of 4.57 million from a 4.71 million rate the previous month. The report countered bets that the housing market is nearing a bottom. In a second report, U.S. jobless claims rose more-than-expected last week. Light sweet crude oil for June delivery rose 48 cents to $49.33 a barrel on the New York Mercantile Exchange. The U.S. dollar fell versus the euro and the yen. The Dow Jones industrial average rose 70.49, or 0.9 percent, to 7,957.06. General Motors (GM) said it plans to temporarily shut down 13 of 20 North American plants this summer to reduce its inventory. Its shares fell 5 percent. Home Depot, IBM, and DuPont fell, while Chevron, Exxon Mobil, and McDonald's gained. The broader Standard & Poor's 500 index rose 8.37, or 1 percent, to 851.92. The technology-heavy Nasdaq composite index rose 6.09, or 0.4 percent, to 1,652.21. Apple reported higher quarterly sales and profits that beat estimates, sending shares 3 percent higher. Online auctioneer eBay reported lower quarterly sales and profits that beat forecasts, sending shares 13 percent higher. Chipmakers Intel, Applied Materials, and Xilinx fell. The New York Stock Exchange composite index rose 81.49 to 5,372.10. The American Stock Exchange composite index rose 34.85 to 1,396.45. And the Russell 2000 index fell 4.09 to 466.62.
