WALL STREET >>> Dow Snap 4 Days Losing Streak

Bulls Wave Off Dreary Data; Dow Erases Triple-Digit Slide

Bright and early this morning, the stage was set for another sell-off. Fresh on the heels of Tuesday's gruesome existing-home sales plunge, traders learned today that new home sales plummeted to an all-time low in July. Sales for the month sank 12.4% to a seasonally adjusted snail's pace of 276,000, falling well short of economists' expectations. And as if that weren't enough negative news for one morning, U.S. durable goods orders improved by a slimmer-than-forecast 0.3% in July.

Stocks spiraled lower right out of the gate as traders panned this latest round of downbeat data... but a strange thing happened between lunchtime and the closing bell. After four straight days of losses, stocks finally dipped low enough to lure in some bargain hunters. By the time 3 p.m. rolled around, the major market indexes were cautiously exploring positive ground -- and the bulls proved their mettle by keeping stocks afloat right through the close thus reversing a 4 days funk.

In fact, the Dow Jones Industrial Average (DJIA – 10,060.06) strengthened its grip on the key 10,000 level, ending the day on a slim gain of 19.6 points, or 0.2%. A total of 21 blue chips trekked higher, led by Home Depot; meanwhile, United Technologies paced the eight decliners. General Electric shares spent time on both sides of breakeven before finishing completely flat.

In a close reflection of Tuesday's trading, the Dow's rally attempt today was capped by the 10,100 region.

The S&P 500 Index (SPX – 1,055.33) also notched a minor daily gain, tacking on 3.5 points, or 0.3%. The SPX's eleventh-hour momentum fizzled out in the 1,060 neighborhood, near the site of Tuesday's bearish gap.

Finally, the Nasdaq Composite (COMP – 2,141.54) managed to rack up the day's healthiest advance, with the tech-rich index climbing 17.8 points, or 0.8%. However, like its broad-market brethren, the COMP is still trading well below its 10-day moving average.

Bargain Hunters Lift Crude Oil

Crude futures celebrated the end of a five-day losing streak, with black gold muscling its way modestly higher by the close. Oil took a dive in early trading after a government report showed weekly increases to crude and gasoline supplies, but it seems that traders have already priced in their concerns about bloated inventories.

Like stocks, oil futures seemed to benefit from being short-term oversold; the contract touched an intraday nadir of $70.76 this morning, which was its lowest price since June 8. However, a late-day buying push propelled crude oil for October delivery to a daily gain of 89 cents, or 1.2%, at $72.52 per barrel.

HAPPY TRADING