U.S. stocks fluctuated, as energy companies pared a rally and the Standard & Poor’s 500 Index stalled near its highest levels since the August selloff.

The S&P 500 rose 0.1 percent to 1,980.96 at 12:34 a.m. in New York, after gaining as much as 1 percent. The Dow Jones Industrial Average slipped 4.5 points to 16,785.65. The Dow earlier was up as much as 173 points. The Nasdaq Composite Index declined 0.1 percent.

Stocks have swung between gains and losses since August’s tumble, amid concern about a slowing global economy and confusion over the Federal Reserve’s policy intentions. The S&P 500 has rebounded 3.2 percent since ending its worst quarter in four years, and is up 6.1 percent from an August low reached during the index’s first correction since 2011.

The Chicago Board Options Volatility Index was little changed Wednesday at 19.39. The measure of market turbulence known as the VIX was down for a sixth day yesterday, the longest stretch since July.

Attention will also shift to earnings this week, with Alcoa Inc. unofficially kicking off the reporting season after markets close tomorrow. Companies reporting next week include Johnson & Johnson, Intel Corp. and JPMorgan Chase & Co.

Analysts project earnings for S&P 500 members dropped 6.9 percent in the third quarter. Still, a Fed measure of corporate income has posted its biggest quarterly increase since 2012, suggesting the overall picture for profits may be skewed by downgrades at energy producers combating weak oil prices.

Source: Bloomberg