Erratic Wall Street closes lower

Wall Street closed slightly lower in erratic trading today as investors, uneasy about the credit markets and record-high oil prices, took little solace from reports on new home sales and durable goods orders.

The Commerce Department said sales of new homes rose 4.8% in September from August’s levels. The market initially popped on the data, as economists had predicted a decline. But it eventually pulled back because the sales increase was due to a big downward revision in August’s decline, and that homebuilders had offered discounts in September to move stock.