The Dow and the Nasdaq declined on Monday, weighed by Boeing's
But the benchmark S&P 500 <.SPX> held near breakeven, helped by bets that big banks will post reassuring quarterly results.
But shares of Bank of America
On Tuesday, Goldman Sachs
The market is cheering, not so much that the banks are on the mend, but that they are not going to die, said Les Satlow, portfolio manager of Cabot Money Management in Salem, Massachusetts. These are banks that are clawing their way back, literally from the brink of extinction. My view is that a key crisis phase of this economic downturn is behind us.
The Dow Jones industrial average <.DJI> shed 47.23 points, or 0.58 percent, to 8,036.15. The Standard & Poor's 500 Index <.SPX> dipped 1.04 points, or 0.12 percent, to 855.52. The Nasdaq Composite Index <.IXIC> dropped 8.39 points, or 0.51 percent, to 1,644.15.
The banking sector's health has been a major worry after fallout from the financial crisis led the U.S. government to pump billions of dollars into troubled institutions such as Citigroup, which gave Wall Street a surprise last month when it said it was profitable in January and February.
Citigroup is scheduled to report on Friday.
Earlier, the market had dropped more than 1 percent, weighed in part by a sharp slide in oil prices that hurt energy shares.
But by early afternoon, oil prices had trimmed their slide, with U.S. front-month crude off 1.6 percent at $51.40 a barrel after sliding more than 6 percent.
The prospect of bankruptcy for General Motors
(Editing by Jan Paschal)