Share prices closed lower on volatile trading following an earlier rise to record levels, dealers said. They said investors initially bought resources stocks after strong gains in commodity prices overnight but turned sellers later in the day and also dumped bank stocks. Dealers said while the overall market fell on the day there were numerous strong gains in various sectors to encourage support. They warned with the end of reporting season, the market will need a good flow of positive economic data to reach and sustain new highs in a historically weaker period for the Australian stock market. The S&P/ASX 200 closed down 24.1 points or 0.54 pct at 4,473.6 after earlier reaching a new record of 4,514.3. The key index ended lower than the previous record close of 4,499.3 set on Monday last week, but closed off a low for the day of 4,473.6. The All Ordinaries index finished down 24.2 points at 4,435.9. Dealers said other stocks to be sold on the day were Harvey Norman after its profit report was lower than expectations, and heavyweight Telstra following its decision to drop plans for a share buyback ahead of its planned privatization. They said strong gains were seen by Caltex whose tightly held stock was driven higher following record oil prices from hurricane "Katrina". Challenger Financial soared after its listed fund bought the UK's largest independent gas distributor, and Oxiana jumped after saying its mines in Laos might hold more copper than initially estimated