The markets recovered some of their losses in the afternoon, despite continued uncertainty over the Federal Reserve's decision on when to pull back on monetary stimulus.

Also affecting the markets today was Japan's Nikkei 225 stock index which fell sharply, down 7% which was the biggest single-day decline since the devastating tsunami of 2011.

The latest numbers from the Labor Department indicate a recovery in the jobs market. The number of Americans filing first time unemployment benefits fell 23,000 last week to a seasonally adjusted 340,000, which was better than economists' expectations.

Also on the economic front, new home sales rose in April to a seasonally adjusted annual rate of 454,000, according to the Commerce Department. That reading marks the second highest level since the summer of 2008 and also beat expectations for an increase to 425,000.

In earnings news, Ralph Lauren (RL) posted disappointing fiscal fourth quarter results, sending shares lower today.