Stocks struggled Thursday in a volatile session in which weak quarterly earnings from Bank of America and another spike in oil prices kept investors from re-starting the recent rally. Stocks fell Monday and Tuesday and were volatile Wednesday as investors considered a mix of earnings news and record-high oil prices. Weak earnings Thursday from Bank of America, Washington Mutual, and other financial companies slowed the market through the early afternoon, but stocks recovered somewhat later in the session, even as oil prices hit intraday and closing records above $89 a barrel. In economic news, the number of Americans filing new claims for jobless benefits rose last week by a greater-than-expected amount. The index of leading economic indicators rose 0.3 percent in September, as expected, a private group reported. Light sweet crude for November delivery settled at $89.47 a barrel, a record closing high, after reaching an intraday record of $89.55 shortly before the close. Oil prices rose on the weak U.S. dollar and the chance of violence between Turkey and Iraq. The Dow Jones industrial average was virtually unchanged, falling 3.58 to 13,888.96. Gainers included General Motors, Alcoa, and Boeing. Weak earnings from Bank of America and other financial institutions caused Dow components American Express, Citigroup, and J.P. Morgan to decline. The broader Standard & Poor's 500 index fell 1.16, or less than 0.1 percent, to 1,540.08. The technology-heavy Nasdaq composite index rose 6.64, or over 0.2 percent, to 2,799.31. Dell and Research in Motion (RIM) were among the big technology stocks advancing Thursday. Online auctioneer eBay reported a third-quarter loss, though its sales and earnings rose and beat estimates. The company also said that 2007 profits would top forecasts. The New York Stock Exchange composite index rose 9.31 to 10,174.61. The American Stock Exchange composite index rose 21.26 to 2,476.59. And the Russell 2000 index rose 0.14 to 825.03.
