US Market Recap: Dow Moves Down Then Closes Up By 401 Points In Volatile MarketsDerek Stevensupdated Oct 16, 2008TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.The volatility of the market was put on display once again today as the Dow Jones trades at a 9.5% swing during market hours. After an initial decline, the indices rallied to end the day in the green, gaining back some of yesterday's losses. The Dow ended the day up 401 points and closed at 8,979. The S&P 500 increased 4.25%, while the Nasdaq Composite gained 5.49%. Positive news on jobless claims and the consumer pricing index helped boost the market and prevented another sell-off.The jobless claims report released today showed 14,000 fewer people claimed unemployment insurance this past week than expected. Experts were looking for 475,000 new claims this week, but only 461,000 were recorded. The CPI report also provided reassurance as it remained unchanged since August's increase in consumer prices of 0.1%. The consensus of the core index, which doesn't include food and energy prices, increased by 0.1%, instead of the expected 0.2%.Sweet Crude fell below $70 for the first time in 14 months before rebounding to settle at $72.43. The 2.83% decrease today came after the news that OPEC will move up its emergency meeting to discuss falling oil prices despite cut backs in production. Gold prices fell 4.01% today, falling 12% since last Friday.European and Asian markets didn't fair as well as the U.S. market today, as most indices closed their trading sessions down with the same volatility that the United States has been experiencing. The FTSE fell 218 points, or 5.35%. The DAX tumbled 4.91%, and the CAC dropped 5.92%. The Nikkei declined 11.41% and had its worst day since 1987. The Hang Seng decreased 4.80%, and the Strait Times, 5.25%.Google (GOOG) reported stellar third quarter earnings today and posted 31% revenue growth. Perhaps even more reassuring to investors is that Google now has control of its expenses, which has been outpacing revenue growth. Additionally, they announced capital expenditure expenses are at the lowest levels since 2006.Capital One (COF) posted earnings of $1.00 per share this third quarter, $0.01 lower than expected. Delinquency rates increased 0.35% to 3.99%.Gilead Sciences (GILD) beat earnings by $0.03 and recorded $0.53 per share. Gilead's revenue grew 30% since third quarter 2007. They also plan on accelerating $750 million of their $3 billion buyback program.IBM (IBM) posted EPS of $2.05, beating the Street's estimate of $2.02 per share. IBM recorded a 5% increase in revenue, 20% increase in net income, and a 22% increase in earnings per share. IBM experienced a 13% increase in growth markets, due to a weak dollar.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.