Stocks climb back after selloff

NEW YORK (CNNMoney.com) -- Stocks were mixed Thursday morning, recovering from an early selloff, as investors mulled Cisco's weaker sales outlook and a string of weak January sales reports after several down days.

The Dow Jones industrial average (INDU) added a few points in the early going, while the broader Standard & Poor's 500 (SPX) index gained 0.2%.

The Nasdaq composite (COMP) was little changed, after falling into bear market territory as of the close of trade Wednesday, defined as a drop of 20% from the recent highs.

Cisco (CSCO, Fortune 500) reported higher quarterly sales and earnings that met estimates, in a report late Wednesday. But the tech leader also forecast weaker current-quarter sales growth than what analysts are expecting, sending shares lower Thursday.

A variety of tech shares slumped in tandem as worries about technology spending added to fears of a slowdown.

Stocks have had an abysmal start to the year amid worries that the credit crisis and housing market meltdown has sent the economy into a recession.

Consumers in retreat. Adding to such fears Thursday: further evidence that consumer spending is on the decline, following weaker Jan. sales from a number of the nation's retailers.

Leading the pack, Wal-Mart Stores (WMT, Fortune 500) reported a smaller-than-expected rise in January same-store sales, or sales at stores open a year or more.

In economic news, the Dec. pending home sales index fell 1.5%, after falling 3% in the previous month.

Other markets. Treasury prices slumped, raising the yield on the benchmark 10-year note to 3.6% from 3.64% late Monday. Bond prices and yields move in opposite directions.

In currency trading, the dollar gained versus the yen and the euro.

U.S. light crude oil for March delivery fell 69 cents to $86.45 a barrel on the New York Mercantile Exchange.

COMEX gold for April delivery added 30 cents to $905.30 an ounce.