Mumbai, Oct 25: In the US markets, stocks closed with substantial losses but the extent of the fall was far less than what was initially feared. Stocks fell to their session low early on. At that point, the Dow was down 5.8 pc and the Nasdaq fell 6.9 pc to a new five-year low. Choppy trading gave way to a late session rally that helped stocks finish off their lows. The losses were tempered when existing home sales numbers came in better than expected.