Stocks were nearly flat on Tuesday as investors hunted for bargains after Monday's steep sell-off, offsetting a drop in industrial shares as Boeing announced another delay in its 787 Dreamliner flight.
Shares that led the market down on Monday, which was the S&P 500's worst day in two months, were among the positive influences, including banks, energy and materials.
The market's really trying to stabilize after a pretty sharp decline yesterday, said Michael Sheldon, chief market strategist of RDM Financial in Westport, Connecticut. He said if the market is able to at least avoid further losses after Monday's drop, that would be seen as a positive.
The broad S&P 500 index dropped back into negative territory for the year on Monday. Although the index is up nearly 32 percent from a 12-and-a-half-year low hit in March, it had been up as much as 40 percent.
On the downside was Boeing Co
The Dow Jones industrial average <.DJI> was down 17.54 points, or 0.21 percent, at 8,321.47. The Standard & Poor's 500 Index <.SPX> was up 1.60 points, or 0.18 percent, at 894.64. The Nasdaq Composite Index <.IXIC> was down 0.20 of a point, or 0.01 percent at 1,765.99.
Boeing's stock plunged 7.3 percent to $43.49, and at one point had its worst percentage drop in almost eight years.
The S&P industrial sector <.GSPI> was down 0.6 percent.
On the economic front, data showing sales of used homes rose in May at a pace that was below expectations initially caused stocks to pare gains. But the data also showed it was the first time the numbers rose in two consecutive months since September 2005.
Shares of home builders advanced, with DR Horton
(Editing by Jan Paschal)