RealTime IT News

Oil Prices, Terror Fears Undo Rally

Tame inflation data and blowout results from Research in Motion couldn't sustain an early stock market advance Friday, as rising oil prices and a thwarted terrorist attack in London made for a volatile trading session.

The Dow traded in a 200-point range before ending the day 13 points lower.

RIM soared 21% to $200 a share after the company trounced Wall Street estimates and announced a three-for-one stock split.

Apple edged higher on the day of its much-ballyhooed iPhone launch, while Palm fell after missing sales estimates and warning that current quarter results will also come in below expectations.

Micron , Accenture and Black Box gained on their earnings reports, and Komag soared on a buyout deal with Western Digital .

Priceline surged 7% on a Goldman Sachs upgrade.

Packeteer fell on tax concerns.

3Com lost 8% on its results.

The Nasdaq lost 5 to 2603, the S&P 500 slipped 2 to 1503, and the Dow gave back 13 to 13,408. Volume rose to 3.14 billion shares on the NYSE, and 2.27 billion on the Nasdaq. Advancing issues led by a 17-15 margin on the NYSE, while decliners led 17-13 on the Nasdaq. Downside volume was 56% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 129-59 on the NYSE, and 156-85 on the Nasdaq.