The Dow Jones Industrial Average traded up 11.95 points (0.14 per cent) at 8,531.16 at 10.30 pm, amid swings in both directions, after a tumble of more than 500 points on Wednesday.

The tech-heavy Nasdaq lost 9.46 points (0.59 per cent) to 1,606.29 and the Standard & Poor's 500 index dropped a fractional 0.33 points (0.04 per cent) to 896.45.

The market action came after a two-day pounding on fears of more troubles for corporate earnings as the impact of the financial crisis hits the economy.

Some analysts said the market had been pushed down to levels attracting buyers.

'Investors remain very nervous and the violent market swings seen in Oct, together with the extreme pessimistic market sentiment readings, are at classic bottom levels,' said Mr Al Goldman at Wachovia Securities.

Mr John Wilson at Morgan Keegan added, 'It isn't often that blue chip-quality growth stocks offer the same potential as more speculative companies, but this appears to be one of those rare times. We remember what happened after the lows in July and October 2002. Many of the high-quality companies doubled.'

Mr Patrick O'Hare at Briefing.com said that buying interest faded 'as cautious-sounding guidance from companies reporting their earnings results continued to stack up.'

Mr O'Hare said UPS and Dow Chemical beat consensus earnings estimate for the third quarter, 'but then indicated it will be a tough business environment for several more quarters.'

Among key stocks, UPS shares shook off the weak guidance and rose 2.67 per cent to US$47.62 (S$71.68) after the earnings report from the package delivery giant.

Similiarly, Dow Chemical jumped 9.7 per cent to US$24.26.

Goldman Sachs fell 2.9 per cent to US$111.35 after a Wall Street Journal report that the Wall Street bank was preparing to cut 10 per cent of its 32,500-member workforce.

General Motors rose 1.78 per cent to US$6.30 after Dow Jones reported the auto giant was set to eliminate more salaried positions and cut benefits because of the uncertain economic outlook.

Bonds gained on investor caution. The yield on the 10-year US Treasury bond slumped to 3.592 per cent from 3.618 per cent on Wednesday and that on the 30-year bond eased to 4.051 per cent against 4.088 per cent. Bond yields and prices move in opposite directions. -- AFP