Stocks ended an erratic day with a modest loss Thursday as investors tried to reconcile another batch of conflicting economic signals.
The Dow Jones industrial average closed down 30 points after falling as much as 110 and rising 87 during the course of the day. The other big market indexes also closed slightly lower.
Thursday's trading fit with the market's months-long pattern. Investors are torn between upbeat earnings news from companies and reports that point to an uncertain recovery. That indecision was clear as stocks rose on strong earnings at Southwest Airlines Co., ExxonMobil Corp. and other companies, then fell on disappointment over a slight drop in first-time claims for unemployment benefits.
Traders were also uneasy ahead of the first reading on U.S. gross domestic product for the April-June quarter, to be released Friday.
"This is a market that is trying to ascertain how deep the downturn is going to be and it is a market that's future-looking," said Quincy Krosby, a market strategist with Prudential Financial. (more)
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