Dow and S&P Finish on the Upside

Another day, another series of market swings to try to figure out.

The Dow finished up 172.04, or 2 percent. The Nasdaq fell 11.84, or .7 percent--finishing lower for the third straight day. And the S&P finished up 11.33, or 1.3 percent.

A mere 15 minutes before the closing bell, the major indexes had erased gains they had made earlier in the day. Nasdaq was down about 3 percent after gaining 1.8 percent and then falling 5 percent, at 3:45 pm. The Dow was down over 1 percent after gaining 3.3 percent and then falling 3.2 percent. And the S&P was down about 1 percent after falling 2.9 percent and then falling 4.2 percent.

Investors are waiting for Microsoft earnings, which will be reported at 5:30 pm ET today. Traders showed some confidence in the company's performance, though, as Microsoft shares finished up 3.7 percent at $22.32.

--Kim Hart