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.

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