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Stocks cut losses on home loan news


    NEW YORK (Reuters) - Stocks sharply cut losses on Thursday, with the Nasdaq swinging back into positive territory, following a Reuters report that the Obama administration was hammering out a program to subsidize mortgage payments for troubled homeowners.

    * Earlier both the Dow and the S&P 500 had slid by as much as 3 percent, while the Nasdaq dropped 2 percent.

    * But heading toward the market close the market had recouped lost ground significantly, with the Dow Jones industrial average off 54.71 points, or 0.69 percent, at 7,884.82. The Standard & Poor's 500 Index was down 4.25 points, or 0.51 percent, at 829.49. The Nasdaq Composite Index was up 2.80 points, or 0.18 percent, at 1,533.30.

    (Reporting by Ellis Mnyandu, Editing by Chizu Nomiyama)