NEW YORK, July 23 (UPI) -- Major U.S. stock indexes fluctuated between gains and losses in trading Wednesday amid mixed earnings reports and a dip in oil prices.

The Dow Jones industrial average was was up 21.65 or 0.19 percent to 11,624.15 at noon. The Nasdaq composite index was at gained 18.38 or 0.8 percent to 2,322.34. The Standard and Poor's 500 added 6.13 or 0.48 percent to 1,283.13.

The weakened threat of Hurricane Dolly to oil equipment in the Gulf of Mexico was a factor in crude oil prices trading nearly $2 lower during the morning session on the New York Mercantile Exchange.

Pfizer, AT&T, McDonald's and Boeing reported mixed earnings before the bell. Warehouse retailer Costco Wholesale (NASDAQ:COST) warned its August-ending quarter's profit would miss analyst estimates, The Wall Street Journal reported.

The 10-year U.S. Treasury note was down 8/32, yielding 4.14 percent as the day began.

Internationally, the euro traded at $1.5704 dollar compared to $1.5779 at close Tuesday. Against the yen, the dollar was at 107.775 Wednesday from 107.33 Tuesday.

Tokyo's Nikkei 225 Index closed 0.97 percent higher at 13,312.93.

Oil prices lower as hurricane threat fades

NEW YORK, July 23 (UPI) -- The price of crude oil was off by more than $2 to $126.37 a barrel Wednesday on the New York Mercantile Exchange.

While major energy commodities all began the day lower, analysts point to the fading threat from Hurricane Dolly on energy equipment in the Gulf of Mexico as the reason for lower prices for crude oil and natural gas, The Wall Street Journal reported.

The price for a barrel of crude oil was $126.37, down $2.05, during morning trading. Natural gas was trading for $9.949 per million British thermal units, a drop of 0.118 cents.

Heating oil was down 0.0582 cents at $3.6200 per gallon. Gasoline was selling for $3.0906 per gallon, off 0.0564 cents.

The AAA Daily Fuel Gauge Report indicated the average price for a gallon of unleaded regular gasoline at the pump was $4.042 Wednesday, down from an average $4.055 reported on Tuesday.

U.S. trade deficits likely to continue

WASHINGTON, July 23 (UPI) -- Big imbalances between the debt-laden United States and its cash-rich trading partners are likely to persist longer than expected, an economic official says.

John Lipsky, deputy managing director of the International Monetary Fund, says even though the relative value of the U.S. dollar has fallen by 25 percent since 2002, U.S. trade deficits likely will continue, USA Today reported Wednesday.

"Large imbalances may be with us longer than we had originally envisaged," Lipsky said in a speech at the Brookings Institution, adding that the IMF now believes the dollar is the closest it has been to a sustainable value in a decade, while the euro is seen as overvalued.

USA Today said the IMF has joined the U.S. Treasury Department in calling for China to allow the yuan to rise faster against the dollar, but Chinese leaders are against the idea because they fear its potential impact on currency market stability.

China foreign trade outlook seen positive

BEIJING, July 23 (UPI) -- China's trade surplus in this year's first half was off nearly 12 percent from year-ago level, but a top official sees a positive picture in the second half.

Chinese Vice Minister of Commerce Gao Hucheng said the decline in export in the first half was largely due to government policies to cut exports of high-polluting and energy-consuming items.

He said his ministry will study problems in some export industries so it can help them "at a proper time," Xinhua news agency reported.

First half trade surplus totaled $99.03 billion, down 11.8 percent from the same period of last year. First half imports rose 30.6 percent year-on-year to $567.57 billion, while exports rose 21.9 percent to $666.6 billion, Xinhua reported.

Analysts have said the slowing export growth also reflected weaker global demand which could cool China's economic growth.

China's gross domestic product grew 10.4 percent in the first half, down 1.8 percent from the first half of 2007.