US market in turmoil as oil edges towards $66

Stocks fluctuated before closing modestly higher today as oil prices neared $66 a barrel despite lower-than-expected damage estimates from Hurricane Rita.

Wall Street made a strong early advance on reports that key petroleum facilities along the Texas coastline escaped the storm with relatively less damage than during Hurricane Katrina last month, while investors also welcomed new data showing August sales of pre-owned homes reached their second-highest level ever.