CNBC’s Mike Huckman - It was another roller coaster volatile trading day with the Dow changing course seen many times. In the end, Dow dropped 65-point, Nasdaq fell 31-point and the S&P 500 finished 10-point lower.

At first, it looked like strong earnings from Time Warner and Disney which had high theme park attendence, a wild success with Hannah Montana which spurred a stock market rally but then Macy’s came along and rained on their parade, the department store chain reporting the January same store sales, dropped 7% and that it is going to get rid of about 2,300 managers.

On top of that we heard from two Federal Reserves Presidents talking about the risk of inflation and that of course made investors think that there might not be another interest rate cuts in the near future.

Mining giant Rio Tinto rejecting a buyout offer from rival miner BHP Billiton worth more than USD 147 billion, it’s the second time in the year that Rio has turned down an offer from BHP and Rio’s Board of Directors is apparently unanimous in its decision, saying that figure doesn’t reflect the company’s values.

Crude prices fell again after an inventory report showed oil stock piles in the US grew for the fourth straight week. Oil futures have been dropping for the past week or so loosing more USD 5/bbl since last Thursday, the New York close was just over USD 87/bbl.

Some news that broke after the closing bell, activist investor Carl Ichan has taken a 5% stake in Motorola and tech giant Cisco reported earnings that were in line with expectations in revenue that was just above the street.

Wall Street Action

• Volatile day on Wall Street
• Dow down 65 pts, Nasdaq down 31 pts & S&P 500 finished 10 pts lower
• Macy Stores report 7% drop in Jan same store sales, to cut 2300 management jobs
• Two Fed Presidents hint about the risk of inflation
• Rio Tinto rejects BHP Billiton's sweetened bid worth $ 147 bn
• Crude prices fell on reports of higher inventory
• Carl Icahn takes 5% stake in Motorola
• Tech giant Cisco earnings in-line with expectations