So much for that turnaround.
The stock market today gave back all of Wednesday's big gains after investors were spooked by disappointing earnings from several big name companies and by fear that the boom in oil company stocks has run its course.
The Dow Jones industrial average, which had climbed 129 points the day before, fell 133 to 10,281.10. It was the biggest loss for the Dow in four months.
The Standard & Poor's 500 stock index swung from a 18 point gain to a 18 point loss, closing a 1,177.80.
The Nasdaq Stock Market composite index managed to hold on to part of Wednesday's 35-point profit, falling 23 to 2,068.11.
The retreat stunned stock market bulls, who had proclaimed Wednesday a turning point for the long-struggling market. Gloomier analysts said the market's failure to hold on to Wednesday's advance was a troubling sign of weakness in the market.
Energy prices continued to pull back, with gasoline futures retreating to their lowest level since June--$1.61 a gallon wholesale.
Falling oil prices are prompting some big players to bail out of oil stocks, which have been some of the market's top performers this year.
Today's trading records showed someone sold $322 million worth of Chevron stock in a single trade at $57 a share. To find buyers for such a big block, the seller sold them for about 64 cents a share less than what the market price was at the time.
Two days ago, a big investor unloaded $1.4 billion worth of ExxonMobil in a block sale--the second largest trade on the New York Stock Exchange this year.
Shares of ExxonMobil, Chevron and most other big oil companies fell again today.
The market also was rattled by disappointing quarterly financial reports from Amgen, Pfizer, Nokia and eBay--none of which met their targets for the quarter.
But after the bell, Google delivered the kind of quarterly numbers investors dream of, reporting it made seven times as much money as it did in the third quarter of the previous year. The jump in Google's earnings from $52 million to $381 million came as Google expanded from its basic Web-search business into maps and instant messaging, generating millions in additional advertising revenue.