A new batch of data showed that the economy's rapid growth might be cooling a little, giving a few risk-tolerant investors an impetus to return to buying. But with oil still trading at near-record high prices, many investors were dogged by concerns over how quickly and how much the Federal Reserve would raise interest rates to combat inflation.

The tentative mood kept stocks fluctuating in a narrow trading band.

Consolidated volume on the New York Stock Exchange set a new low for the year — 1.5 billion shares, compared with 1.94 billion on Wednesday. Advancing issues outnumbered decliners by about 4-to-3.

The Dow Jones industrials were down 0.07 — nearly flat. Broader stock indicators barely moved.

"I think what is happening is the markets are trying to sense whether there is a building inflation story or whether they should focus on the earnings, which have been very good," said Subodh Kumar, chief investment strategist for CIBC World Markets. "That's why you're seeing this extreme volatility on smaller moves, like the rise in oil prices."

The labor market, another key factor in any Fed decision on interest rates, remained somewhat strong even as jobless claims climbed. Initial jobless claims rose by 12,000 to 345,000 for the week ending May 15. While economists had forecast 326,000 first-time unemployment filings for the week, the higher number was still seen as a positive for a labor market that had suffered heavily in 2003.