US markets rebound in the final hour of trade following news that the Obama administration is mulling a new plan to subsidize mortgage payments for troubled homeowners. Most stocks ended higher after volatile trade earlier in the session as investors worried that the $ 789 billion stimulus bill working its way through congress may not be enough to help the economy.
In economic news, retail sales rose 1% in January amid a jump in gasoline sales; economists had expected a decline. Meanwhile, initial jobless claims fell by 8,000 last week.
Home prices tumbled a record 12.4% in the fourth quarter to their lowest level since 2003 as foreclosures and other distressed sales accounted for nearly half of all transactions.
At the closing bell, Dow Jones ended down 7 points at 7932.76, Nasdaq ended up 11 points at 1541.71 and S&P 500 ended flat
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