NEW YORK (CNNMoney.com) -- The Dow industrials closed above 12,000 for the first time ever Thursday as investors took in a mixed bag of earnings from leading banks, blue chips and technology companies.

The 30-share Dow (up 19.61 to 12,012.29, Charts) finished up 0.2 percent higher, according to early tallies.

The broader S&P 500 (up 0.73 to 1,366.69, Charts) index and the tech-fueled Nasdaq composite (up 1.97 to 2,339.12, Charts) ended up about 0.1 percent.

The Dow crossed the 12,000 milestone for the first time Wednesday but failed to finish above that number.

Oil prices rose nearly $1, while the dollar and bonds slipped.

Here's what moved the markets Thursday:

"Third quarter earnings have been relatively good, and the outlook optimistically cautions," said Steve Neimeth, a portfolio manager at AIG SunAmerica.

Neimeth said the S&P 500 is trading at 15 times expected earnings, a relative bargain.

"If you look at the valuation, it's just way too cheap," he said. "A lot would have to go wrong for the market to get any cheaper."

Warren West, president of Greentree Brokerage Services, said a combination of factors - including solid corporate profits, the possibility of flat or declining interest rates and a cooling of commodity prices - have all helped fuel the record-setting run on Wall Street. Wednesday the Dow closed at a record high for the eighth time in the past 11 sessions.

"The economy continues to weaken," West said. "But everyone is convinced the Federal Reserve will be able to engineer a soft landing" of slower growth and lower inflation without a recession.

Earnings news was mixed Thursday as the numbers kept rolling in. Tech stocks were volatile, with some issues swinging widely.

Apple Computer (up $4.45 to $78.98, Charts) reported earnings after the bell Wednesday that easily topped Wall Street expectations, although its guidance for the current period was a bit below forecasts. The stock jumped 6 percent in Thursday trade.

Online auction site eBay (Charts) also reported better than expected results as well and the shares also climbed about 6 percent.

But chipmaker Advance Micro Devices (down $3.11 to $21.12, Charts) posted improved earnings that fell short of forecasts and the stock skidded 11 percent.

And computer maker Dell (down $1.58 to $23.12, Charts) tumbled 6 percent after the research firm Gartner said rival Hewlett-Packard (up $0.58 to $39.59, Charts) reclaimed the top spot in global PC sales.

Banks didn't fare well either, although their stock price swings weren't as drastic.

Citigroup (down $0.38 to $49.81, Charts) reported better-than-expected earnings but revenue that fell short of forecasts. Shares of the nation's biggest bank stock fell about 1 percent.

Bank of America (down $0.46 to $53.35, Charts) saw it's stock fall more than 1 percent despite profits that topped forecasts.

In other earnings news, Coca-Cola (up $0.99 to $44.95, Charts) posted improved results. Drugmaker Pfizer (down $0.45 to $27.65, Charts) saw earnings edge past forecasts. Conglomerate Honeywell beat (down $1.07 to $41.56, Charts) estimates. And McDonald's (down $0.75 to $40.72, Charts) reported improved results that met its recently raised guidance.

Falling oil prices, strong earnings and fewer inflationary concerns helped lift the Dow above 12,000 for the first time Wednesday, although it closed just short of the benchmark.

Thursday also marks the 19-year anniversary of the October 1987 stock market crash, so-called Black Monday, the worst one-day drop in Wall Street's history. On Oct. 19 of that year the Dow tumbled 22.6 percent.

Oil prices rose Thursday after Saudi Arabia said it supports a production cut of 1 million barrels a day. OPEC is currently meeting in Vienna to discuss such a cut.

U.S. light crude gained 90 cents to $58.55 a barrel on the New York Mercantile Exchange.

Treasury prices fell, lifting the yield on the 10-year note to 4.77 percent from 4.76 percent late Wednesday. Bond prices and yields move in opposite directions.

In currency trading, the dollar fell against both the euro and the yen.

COMEX gold closed up $9.90 at $602.50.

On the economic front, the Index of Leading Economic Indicators, a measure of future economic growth, rose 0.1 percent in September to 137.7, the index's first rise in three months. But it was still below Wall Street expectations for a 0.3 percent gain.

The Philadelphia Federal Reserve Bank said its business activity index fell to negative 0.7 in October from -0.4 in September, sharply lower than forecasts for a rise to 7 in October. A reading above zero indicates growth.

Initial jobless claims fell to 299,000 last week from 309,000 the previous week, according to the Labor Department. Economists surveyed by Briefing.com had forecast 310,000 claims.

Stocks closed mostly lower in Asia. Most indexes also finished lower in Europe as well.

Market breadth was positive. On the New York Stock Exchange, winners beat losers three to two on volume of 1.3 billion shares. On the Nasdaq market advancers topped decliners four to three as 1.6 billion shares changed hands.

_________________

Pros and cons of ETFs

Serwer: Getting a Big Blue bargain

Stupid home loan tricks

More on investing