US Stocks close flat as oil rises again (ext)

NEW YORK (CNNMoney) -- U.S. stocks ended Thursday's session mostly flat, erasing earlier losses as commodities and energy stocks climbed higher. The gains in oil offset weakness in the banking and technology sectors.

The Dow Jones industrial average (INDU) rose 14 points, or 0.1%, to 12,285. The Dow was down as much as 107 points earlier in the session.

The S&P 500 (SPX) was effectively flat, closing at 1,315; and the tech heavy Nasdaq Composite (COMP) fell a point, or 0.1%, to 2,760.

"It's a lot of wait and see at the moment," said Frank Davis, director of sales and trading with LEK Securities.

The Labor Department reported first-time jobless claims increased by 27,000, to a weekly total of 412,000. Wall Street was expecting initial claims to have totaled 385,000 claims last week.

"The jobless claims figure caught people by surprise," said Anthony Conroy, head trader at BNY ConvergEx Group.

The dollar rose against the euro, but fell against the Japanese yen and the British pound.

Oil for May delivery rose $1.32 to $108.42 a barrel.

Gold futures for June delivery rose $19.30 at $1,474.40 an ounce.