NEW YORK — Wall Street scratched out its first winning session in almost two weeks Wednesday in volatile trading that saw investors vacillate between bargain hunting and profit taking.

        Analysts were skeptical that the gain would last, characterizing the advance as a brief rebound in the market's eight-week sell-off. Although some second-quarter reports this week have been encouraging, significant doubts remain about whether stocks still have further to fall. As a result, many investors are reluctant to make big or lasting commitments.

        The Dow Jones industrials closed up 69.37, or 0.8 percent, at 8542.48, after advancing as much as 250 points earlier in the day and then falling into minus territory. Still, the gains were enough to interrupt a seven-session, 900-point plunge.

        Broader indicators were also higher, despite losing ground earlier in the session. The Nasdaq Composite Index advanced 21.99, or 1.6 percent, to 1397.25, and the Standard & Poor's 500 index rose 4.99, or 0.6 percent, to 906.04. The last time all three indexes closed higher was July 5, when the Dow soared 324, the Nasdaq gained 68 and the S&P advanced 35.

        Wednesday's gains, although modest, were a respite from the spate of volatility the market has been suffering for weeks now.

        “You're witnessing a pitched battle between two camps,” said Kevin Caron, market strategist at Ryan, Beck & Co. in Livingston, N.J. “You've got the bearish contingent concerned about accounting scandals, and you've got value investors who are looking for bargains.”

        The fluctuations came as Federal Reserve Chairman Alan Greenspan, in testimony before the House Financial Services Committee, said chief executives of all publicly held companies should not be forced to verify the accuracy of company finances with federal regulators.

        “If they did it voluntarily, that'll be fine, but I'd hate to have to administer something of that dimension,” Mr. Greenspan said.

        The Securities and Exchange Commission has asked roughly 1,000 leading CEOs to certify that their companies' financial statements are accurate.

        Northern Kentucky's congressman, who sits on the House committee, agreed with most of what Mr. Greenspan said.

        But “one of the things he indicated that I would respectfully disagree with is that he doesn't think that CEOs need to verify the accuracy of financial statements with federal regulators,” Rep. Ken Lucas said.

        Mr. Lucas, a Richwood Democrat, said that if companies had nothing to hide, then their chief executives shouldn't be afraid of staking their careers on their companies' finances.

        On two other Greenspan points — about letting the private sector correct accounting irregularities and analyst conflicts — he agreed.

        “There are things we can do to tighten up loopholes,” Mr. Lucas said. “But we can't legislate against greed; we can't legislate against dishonesty; we can't legislate strong moral compasses for corporate executives.”

        • The Commerce Department reported that housing construction eased in June after a large surge the month before, but was at a healthy level that analysts say suggests continued demand.

        Builders broke ground last month on 1.67 million units at a seasonally adjusted annual rate — a 3.6 percent drop from May's level.

        In May, housing construction increased by 10.8 percent, according to revised figures. That increase, smaller than the government previously reported, followed a drop in April. Wednesday's report showed construction of single-family homes fell by 2.9 percent in June to a rate of 1.35 million units. That followed a 10.2 percent surge in May.

        Work on multifamily housing, which includes apartments and condos, dropped by 6.9 percent last month to a rate of 285,000.

        By region, housing starts rose by 6.1 percent in the Northeast to a rate of 175,000. In the Midwest, they dipped by 0.9 percent to a rate of 344,000. In the South, housing construction plunged by 7.6 percent to a rate of 744,000. The West also saw a drop, by 2.2 percent, to a rate of 409,000.

        Enquirer reporter Amy Higgins contributed to this report.

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