Wall Street ended a tumultuous week by turning cautious today, giving up sizeable early gains and closing sharply lower as investors cashed in profits before the weekend.

Wall Street ended a painful week with another decline today as skittish investors unable to hold on to much optimism about the economy drew little comfort from President George Bush’s stimulus plan.

Wall Street resumed its advance today as investors interpreted a government report of milder inflation as a signal that the Federal Reserve might consider cutting interest rates later this year.

Stocks in the US surged today on signs of resilience in the housing market and the US consumer, with falling oil prices giving investors an extra reason to rally. The Dow Jones industrials gained more than 120 points.

Wall Street had a mixed day after the Federal Reserve reported slow but steady regional economic growth, deflating hopes for an interest rate cut that were already dampened by a larger-than-expected producer price index.

Stocks gained for a fifth straight session and the Dow Jones industrials achieved their third straight record close today after the Labour Department said falling gas prices helped push inflation lower last month.

The Dow Jones Industrial averages soared to a five-year high today.

US stocks drooped today after a robust reading on the economy, minutes from the most recent meeting of the Federal Reserve and the continuation of a solid earnings season cemented the feeling on the Street that additional rate hikes are a near certainty.