U.S. stocks end flat after seesaw session
U.S. stocks ended largely flat after fluctuating most of the day on Tuesday, as both bargain hunting and disappointing housing data weighed on the market, Xinhua reported.
Stocks plunged on Monday as lower expectation of world economy hit global market. Dow Jones lost 200 points, while S&P and Nasdaq composite shed more than three percent. Many investors tried to hunt for bargains after the big sell-off.
But the market seesawed on the housing data and Boeing delay report. The National Association of Realtors reported that sales of existing homes rose 2.4 percent in May. Economists had predicted an increase of 2.8 percent.
Boeing slid 6.46 percent, after the world's second largest commercial jet maker delayed the first test flight of its Dreamliner aircraft for a fifth time.
Meanwhile, investors closely watched the result of the U.S. Treasury Department's afternoon auction of 60 billion U.S. dollars in two-year notes, as treasury yields affect borrowing cost for consumers.
The Federal Reserve begins its two-day meeting on monetary policy later Tuesday. The Fed is widely expected to keep its key rate near zero at the meeting.
The Dow Jones fell 16.10, or 0.19 percent, to 8,322.91. Broader indexes were also flat. The Standard & Poor's 500 index edged up 2. 06, or 0.23 percent to 895.10, while the Nasdaq retreated 1.27, or 0.07 percent, to 1,764.92.