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NEW YORK (CNNMoney) -- U.S. stocks drifted between small gains and losses Thursday, as investors ventured back into the market a day after all three major indexes plunged more than 2%.
After opening modestly higher, the Dow Jones industrial average, the S&P 500 and the Nasdaq were all down about 0.2%.
Financial stocks, which led the post-election decline, regained some ground. Shares of Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) were the best performers on the Dow.
Apple (AAPL, Fortune 500) shares fell deeper into bear market territory -- down 20% from their all-time-high of $705 hit in mid-September. The widely-held stock can weigh heavily on the Nasdaq and S&P 500 indexes.
Following President Obama's re-election Tuesday night, attention has shifted to how lawmakers will address the looming fiscal cliff that threatens to throw the country back into a recession if left untouched.
Investors remain focused on the debate in Washington over billions of dollars in taxes and spending cuts that are set to kick in automatically on Jan. 1, said Peter Cardillo, market strategist at Rockwell Global Capital. While he expects Obama and Congress to hammer out a solution to the fiscal cliff before the deadline, "it's going to be touch and go for the market in the sort run."
Meanwhile, investors also digested the weekly report on initial jobless claims and a monthly reading on the trade balance as U.S. stocks look to bounce back from their worst day in months.
The government said 355,000 Americans filed for first-time unemployment claims in the latest week, better than the expectations for 377,000.
The trade deficit for September narrowed to $41.5 billion. Analysts were expecting the gap to widen to $45.4 billion.
Thursday's data "bodes well for an acceleration of economic activity," said Cardillo.
On the corporate front, Wendy's (WEN) reported weaker-than-expected earnings for the third quarter. But the fast-food chain said same-store sales, a key measure of growth, increased for a sixth quarter in a row, sending shares up 4%. McDonald's (MCD, Fortune 500)shares fell after the fast food chain said same-store sales fell 1.8% in October.
Dean Foods (DF, Fortune 500) shares spiked after the company posted a strong profit and said its CFO Shaun Mara is stepping down. Mara will be replaced by Chris Bellairs, who is currently CFO of the company's Fresh Dairy Direct division.
Shares of Monster Beverage (MNST) tumbled 6% in early trading. The energy drink maker reported quarterly earnings and sales that fell short of expectations after the closing bell Wednesday.
Quarterly results from Disney (DIS, Fortune 500) and Groupon (GRPN) are due after the bell.
Fear & Greed Index
World Markets: While Europe's debt crisis drags on, investors can breathe a small sigh of relief after the Greek parliament approved a new round of spending cuts that are required for the country to receive the next installment of its international bailout.
Despite rising unemployment and declining business confidence in the euro area, the European Central Bank held its main interest rate steady at 0.75%.
The Bank of England left its interest rate unchanged and kept its asset purchase program at £375 billion.
European stocks were mixed in late afternoon trading. Britain's FTSE 100 fell 0.2% and the DAX in Germany declined 0.5%, but France's CAC 40 edged up 0.1%.
Asian markets closed sharply lower Thursday, playing catch-up with the previous day's retreat in European and U.S. markets. The Shanghai Composite tumbled 1.6%, the Hang Seng in Hong Kong sank 2.4%, and Japan's Nikkei dropped 1.5%.
Currencies and commodities: The dollar gained ground against the euro and the British pound but dipped versus the Japanese yen.
Oil for December delivery rose 34 cents to $84.75 a barrel.
Gold futures for December delivery edged up 80 cents to $1,714.80 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, with the yield rising to 1.68% from 1.66% on Wednesday. 
First Published: November 8, 2012: 9:43 AM ET
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