Bear barrage on Wall Street

NEW YORK (CNNMoney.com) -- Stocks moved off early session lows but remained firmly negative Thursday, as investors juggled a steep decline in new home sales, higher oil prices and mixed earnings news.

The Dow Jones industrial average (down 94.94 to 13,690.13, Charts) fell by as much as 158 points, before paring some losses, and was about 0.9 percent lower an hour into the session. A day earlier the 30-stock index finished higher even amid credit and housing market concerns.

The broader S&P 500 (down 16.93 to 1,501.16, Charts) slipped over 1 percent while the tech-laden Nasdaq (down 23.99 to 2,624.18, Charts) fell about 0.8 percent.

Stocks retreated Thursday following some disappointing earnings from a number of homebuilders including D.R. Horton (down $0.59 to $16.89, Charts, Fortune 500), the nation's No. 2 builder by revenue,Beazer Homes (down $0.61 to $16.43, Charts, Fortune 500), Pulte Homes (down $0.79 to $19.88, Charts, Fortune 500) and Ryland Group (up $0.10 to $33.02, Charts, Fortune 500).

A bigger-than expected drop in new home sales for June added to those woes, as the Commerce Department reported that new home sales tumbled 6.6 percent in June to an annual growth rate of 834,000.

Higher oil prices pressured stocks as prices briefly climbed above $77 a barrel, its highest level in nearly a year. U.S. light crude for September was up 80 cents to $76.68 a barrel.

On the earnings front however, Wall Street got some mixed news.

Dow component Exxon Mobil (down $3.17 to $89.62, Charts, Fortune 500), the nation's largest oil company, posted a decline in quarterly profits, sending its shares over 3 percent lower.

But embattled automaker Ford Motor (up $0.32 to $8.29, Charts, Fortune 500) surprised investors but reporting an unexpected quarterly profit early Thursday, helped by reduced losses in its North American operations.

Apple (up $2.37 to $137.26, Charts, Fortune 500) shares soared nearly 7 percent after reporting results that beat Wall Street's estimates after the market Wednesday.

In other economic news, orders for big-ticket items meant to last three years or more rose less than expected in June.

Jobless claims fell unexpectedly last week, the government reported, as new claims fell 2,000 to 301,000 for the week of July 21.

In major corporate news, Warren Buffett's Berkshire Hathaway (down $340.00 to $109,950.00, Charts, Fortune 500) has acquired a small stake in Kraft Foods (down $0.44 to $34.40, Charts), joining activist investors Carl Icahn and Nelson Peltz in holding a piece of the food company, according to a report in the Wall Street Journal.

Treasury prices rose, taking the yield on the 10-year note to 4.83 percent from 4.91 percent late Wednesday. Bond prices and yields move in opposite directions.

The dollar was lower against the euro and the yen.

Major Asian markets declined while European stocks were also lower.