NEW YORK, May 24 (UPI) -- U.S. stock indexes ran the gamut Thursday, starting flat, surging to record highs on a soaring housing market before plunging into the red by day's end.
The Dow Jones industrial average fell 84.52 points, or 0.62 percent, to close at 13,441.13 after being at 13,600 early in the session. The Nasdaq composite lost 39.13 points, or 1.52 percent, at 2,537.92 and the Standard and Poor's 500 lost 14.77 points, or 0.92 percent, at 1,507.51.
The volume on the New York Stock Exchange was 1.77 billion shares with 615 stocks gaining and 2,708 declining.
The market got a severe jolt in late morning when it was announced that new home sales had unexpectedly surged 16 percent in April, erasing the grim forecast and sending stocks surging. But, the surge was short lived and within an hour the big advances were mostly gone amid fears of a weak economy.
Crude oil futures fell $1.59 to $64.18, but are still up 5.1 percent on the year.
Bonds rose. The 10-year Treasury note gained 1/32, or 31.25 cents for every $1,000 invested, yielding 4.847 percent Thursday.
The dollar was mixed. The euro was trading at $1.3427 from $1.3458 late Wednesday, while the dollar was at 121.36 yen from 121.70 yen.
