Benchmark indexes rebounded from early doldrums after investors digested a fresh batch of earnings and economic news. 

Initial jobless claims at the last week edged higher but remained near the high for the year so far. 

Jobless claims fell 2,000 from the previous week to 250,000 for the week ending on August 13, the Labor Department reported Thursday. 

The four-week moving average of claims declined 2,750 to 246,750.  

The sale of existing homes declined 5.9% in July from June and dropped 20% from a year ago as home prices remain stubbornly high, the National Association of Realtor reported Thursday. 

Existing-home sales fell for the sixth month in a row to a seasonally adjusted annual rate of 4.81 million. 

Median home price fell $100,000 from June but rose 10.8% from a year ago to $403,000. 

"The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June," said NAR Chief Economist Lawrence Yun. 

"Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers," Yun added. 

Home sales may have fallen but this is still a fast moving market. 

Eighty-two percent of homes sold in July were on the market for less than a month and a typical home was on the market for 14 days, matching June but lower than 17 days a year ago. 

The 14-day home sale time is the shortest on record since the NAR began keeping the records in May 2011. 

The S&P 500 index edged up 0.3% to 4,286.09 and the Nasdaq Composite index rose 0.4% to 12,990.70 

Futures of crude oil increased $1.54 to $89.64 and natural gas rose a fraction to $9.25 a thermal unit. 

The yield on 10-year Treasury notes decreased to 2.84% and 2-year notes fell to 3.22%.  

Cisco Systems increased 6.8% to $49.85  after the networking equipment maker reported better-than-expected revenues and earnings. 

Cisco said revenues in the fiscal year fourth quarter ending in July were flat at $13.1 billion and net income declined 6% to $2.8 billion from a year ago. 

Diluted earnings per share fell to 68 cents from 71 cents a year ago. 

The networking gear maker estimated revenues in the first quarter ending in October to increase between 2% and 4% and earnings per share between 64 cents and 68 cents. 

Cisco also estimated full-year revenues to rise between 4% and 6% and earnings per share to fall between $2.77 and $2.88.    

Kohl's Corporation declined 4.8% to $32.20 after the retailer said second quarter comparable sales decreased 7.7% and net sales decreased 8.5% to $4.09 billion. 

Net income in the period plunged to $143 million from $382 million a year ago. 

Diluted earnings per share declined to $1.11 from $2.48 a year ago. 

Kohl's revised lower its sales decline to range between 5% and 6% and earnings per share in the range between $2.80 and $3.20 excluding non-recurring items. 

BJ's Wholesale Club Holdings Inc increased 8.4% to $74.90 after the company said  total comparable club sales increased 19.8% and rose 7.6% excluding gasoline sales from a year ago. 

Total sales increased 22.4% to $5 billion and membership fees rose 11.3% to $98.7 million. 

Net income increased 27% to $141 million from $111 million a year ago and diluted earnings per share rose to $1.03 from 80 cents a year ago. 

BJ's repurchased 353,000 shares of its common stock, totaling $22.8 million in the second quarter.