YAHOO: The stock market's swings continued Thursday. After jumping out to a strong gain, the major indices drifted to the unchanged mark before chopping back to higher ground. Gains came under pressure late in the session, but a last minute rally helped the major indices finish with strong gains.

Stocks were up more than 3% early on as investors assessed better-than-feared economic data and central bank moves to loosen capital markets.

Central banks in Asia trimmed target interest rates the day after the FOMC made cuts of its own. The Fed has also opened dollar swap lines with the likes of Mexico, South Korea, and Brazil. The moves come as central banks continue to fight systemic weakness in credit and capital markets. Such weakness has undermined economic prospects and led many to fear a global recession.

The advance third quarter GDP reading indicated the U.S. economy declined at an annualized rate of 0.3%, which is not as bad as the 0.5% decline that was widely expected. There is potential the GDP data may be revised upward, considering September net exports data was estimated.

Consumer spending remains a concern for economic growth, though, since it has historically accounts for more than two-thirds of economic activity. Consumer spending declined at a 3.1% annual rate and caused a drop of -2.25% in the latest GDP reading.

Prospects for consumer spending remain dim as jobless claims remain elevated. Initial claims for the week ending Oct. 25 were unchanged week-over-week at 479,000. Though that was slightly worse than the consensus estimate of 475,000, the four-week moving average improved to 475,500 from 480,500. Still, the data point to a 10th consecutive month of nonfarm payroll declines.

The jobless data coincide with continued reports of layoffs from major corporations. American Express (AXP 26.06, +0.85) is the latest to make cuts to its workforce, eliminating 7,000 jobs. The decision comes as part of a plan to cut operating costs.

Elsewhere in corporate news, major oil company and Dow component Exxon Mobil (XOM 75.05, +0.40) posted its fourth straight record quarterly profit. However, with crude prices down 55% from record highs, the outlook for major oil companies looks less lucrative. Crude finished the session roughly $1.40 lower at $66.10 per barrel.

Also joining the earnings parade were Colgate-Palmolive (CL 64.23, +4.23), Waste Management (WMI 31.44, +1.84), and Dominion (D 36.27, +1.06). Each posted better-than-expected earnings per share results.

Though ending the session higher, financial companies (+1.3%) continue to lag. The Treasury confirmed its $125 billion investment in nine major banks, including Goldman Sachs (GS 91.11, -6.55), Morgan Stanley (MS 16.09, +1.33), and JPMorgan (JPM 37.62, +1.91), to name a few. Their shares finished in mixed fashion as investors assessed word that Merrill Lynch (MER 17.78, +0.23) lowered earnings estimates on Goldman and Morgan Stanley, but raised them for JPMorgan.

Stocks came under pressure late in the session when San Francisco Fed President Yellen stated recent the economy is likely to contract significantly in the fourth quarter. The impact of the comments didn't last too long as buying interest quickly resumed to help the major indices finish near afternoon highs.DJ30 +189.73 NASDAQ +41.31 NQ100 +2.4% R2K +4.8% SP400 +4.2% SP500 +24.00 NASDAQ Adv/Vol/Dec 2076/2.54 bln/669 NYSE Adv/Vol/Dec 2510/1.38 bln/574