US--WallStreet
Stocks ended little changed Tuesday, a day after the market’s worst day in two months.
Shares of financial companies and raw-material suppliers -- which led the way down Monday in reaction to a bleak global economic report -- were the best-performing sectors in rebounding Tuesday. Commodity prices also regained some of what they lost the day before.
The stock market reacted coolly to a report from the National Assn. of Realtors that May sales of existing homes rose 2.4%. The increase was smaller than economists’ forecast of 2.8%, and not enough to alleviate anxiety about reports later in the week on durable goods orders, new-home sales and personal spending.
The relatively quiet day for stocks came as traders awaited the conclusion Wednesday of the two-day meeting of Federal Reserve policymakers. The Fed is widely expected to keep its benchmark interest rate near zero, but investors are unsure how optimistic its assessment of the economy will be and what the central bank might say about the possibility of raising its key rate this year to curb inflation.
The Dow Jones industrials, which shed 201 points Monday, fell 16.10 points, or 0.2%, on Tuesday to 8,322.91, their lowest level since May 27. The average has fallen for six of the last seven trading days.
The Standard & Poor’s 500 index rose 2.06 points, or 0.2%, to 895.10, and the Nasdaq composite index fell 1.27 points, or 0.1%, to 1,764.92.
The Russell 2,000 index of smaller companies fell 0.6%.
Falling stocks narrowly outnumbered those that rose on the New York Stock Exchange.
An S&P; index of financial stocks, which slid 6.2% on Monday, rebounded 1.7% after FBR Capital Markets issued a favorable report on Goldman Sachs, whose shares rose 3.1%.
Bank of America gained 2.4% after setting a price of $12.70 a share for a swap of preferred stock into common, part of an effort to boost capital by more than $2.5 billion.
After sliding Monday, oil futures rebounded somewhat, rising $1.74 to $69.24 a barrel in trading on the New York Mercantile Exchange.
Other commodities also regained ground. Gold futures rose $3.30 to $923.90 an ounce, while an index of 19 major commodities rose 1.5%.
Among energy and commodity stocks, ConocoPhillips added 2% and Freeport-McMoRan Copper & Gold climbed 4.4%.
The biggest loser among the 30 Dow stocks was Boeing, which fell 6.5% after again delaying the first test flight of its long-awaited 787 jetliner. The company said it needed to reinforce part of the aircraft.
In other market highlights:
* US Airways Group and United Airlines parent UAL led U.S. air carriers to a three-month low as oil rose and UBS said travel demand remained very weak. US Airways dropped 12% and UAL tumbled 10%. A Bloomberg index of airline stocks fell 2.9% as all but one of its 13 component firms retreated.
* Overseas, key stock indexes fell 0.1% in Britain, 0.2% in France and 2.8% in Japan. Shares rose 0.3% in Germany.
