Stocks meander on oil, GDP

The Dow Jones industrial average (INDU) and the broader Standard & Poor's 500 (SPX) index were barely changed. The Nasdaq composite (COMP) added 0.3%.

Stocks managed small gains Wednesday at the end of a choppy session influenced by fluctuating oil prices and questions about the economy.

In the news:

Oil prices slide: U.S. light crude oil for July delivery fell $2.40 to $128.63 a barrel on the New York Mercantile Exchange. Crude prices fell in response to the stronger U.S. dollar, which makes dollar-traded commodities like oil more expensive for international buyers.

Gas hits 22nd record high: The national average price for a gallon of regular unleaded gas rose to a record $3.952 from the previous day's record of $3.944, AAA reported.

GDP revised higher. Economic growth in the first quarter grew at a faster paced than initially thought, the government reported. GDP rose at an annualized rate of 0.9%, as expected versus the initial read of 0.6%. Core PCE, the report's inflation component, was revised to 2.1% from an initial reading of 2.2%. (Full story).

Jobless claims rise. The number of Americans filing new claims for unemployment rose 4,000 to 372,000 last week, topping expectations. (Full story).

Retail earnings. Sears Holdings reported a quarterly loss versus a profit a year earlier on weaker revenue, missing analysts' estimates. Costco reported higher earnings that topped analysts' estimates on higher revenue that missed expectations.