Wall Street fell for a third straight session today as fresh signs of a housing slump triggered concerns that the economy is slowing too fast and could erode corporate profits.

Stocks rebounded from early losses in the United States today, closing higher as National Semiconductor Corp’s better-than-expected earnings soothed investors’ concerns over higher unemployment and rising oil prices.

US investors cheered by falling oil prices and improving jobs prospects sent stocks higher today, hoping that the news signals a renewal of economic strength and a fall rally in stocks.

Rising crude oil prices and disappointing earnings from Hewlett-Packard sent stocks plummeting today, with the Dow shedding more than 120 points and all three major indexes reaching new year-to-date lows.