* Bargain hunting after Monday's sell-off
* Boeing delays first flight of 787 Dreamliner again
* Dow off 0.2 pct; S&P up 0.2 pct; Nasdaq off 0.1 pct
* For up-to-the-minute market news click []
(Updates close with volume levels, Oracle shares up after the
bell)
By Caroline Valetkevitch
NEW YORK, June 23 (Reuters) - The S&P 500 rose on Tuesday
as investors hunted for bargains a day after a steep sell-off,
but another delay for Boeing's 787 Dreamliner kept the Dow in
the red.
Shares that led the market down on Monday, when the market
suffered its worst one-day loss in two months, were among the
positive influences, including banks, energy and materials.
JPMorgan Chase <JPM.N> shares rose 2.1 percent to $33.57
after falling 6.1 percent on Monday, while Bank of America
<BAC.N> gained 2.4 percent to $12.23 a day after sliding 9.7
percent. Shares of Chevron Corp <CVX.N> rose 0.3 percent to
$65.96 after losing 3.4 percent on Monday.
There was also caution a day ahead of the Federal
Reserve's assessment of economic conditions.
"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.
Energy shares also got a boost from a 2.6 percent gain in
U.S. oil futures prices.
The Dow Jones industrial average <> was down 16.10
points, or 0.19 percent, at 8,322.91. But the Standard &
Poor's 500 Index <.SPX> was up 2.06 points, or 0.23 percent,
at 895.10. The Nasdaq Composite Index <> was down 1.27
points, or 0.07 percent, at 1,764.92.
The broad S&P 500 index dropped back into negative
territory for the year on Monday. Although the index is up
about 32 percent from a 12-and-a-half-year low hit in early
March, it had been up as much as 40 percent.
ORACLE JUMPS LATE
After the close, shares of Oracle Corp <ORCL.O> gained 1.4
percent to $20.14 after the software maker reported profit and
sales that beat forecasts. [] The stock had
closed at $19.87 on Nasdaq.
During the regular session, Boeing Co <BA.N> dominated the
downside. The plane maker's stock was the Dow's biggest drag
after the company said the inaugural flight of its
long-delayed 787 Dreamliner will be postponed so it can
reinforce a section of the aircraft.
Boeing's stock fell 6.5 percent to $43.87, marking its
worst one-day drop since November. (For details, see
[])
Other industrial shares also fell, including United
Technologies Corp <UTX.N>, down 1.4 percent at $51.84.
After its two-day meeting ends Wednesday, the Fed is
widely expected to leave the benchmark fed funds rate at
almost zero. But investors will check its statement closely
for clues on the central bank's economic outlook.
"The only question will be what they say after the meeting
in terms of tempering investors' expectations about when the
Fed will ultimately start to rein in liquidity and tighten
policy," Sheldon said.
On the economic front on Tuesday, 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. []
U.S. crude oil rose $1.74 to settle at $69.24 a barrel,
also reversing a slide of almost 4 percent from the previous
day. Exxon Mobil Corp <XOM.N> gained 0.2 percent to $68.95
after losing 3.1 percent on Monday.
Trading volume was below average on the New York Stock
Exchange, with about 1.21 billion shares changing hands, under
last year's estimated daily average of 1.49 billion, while on
Nasdaq, about 2.18 billion shares traded, below last year's
daily average of 2.28 billion.
Declining stocks outnumbered advancing ones on the NYSE by
1,577 to 1,418 while on the Nasdaq, 1,574 stocks fell and
1,075 stocks rose.
(Editing by Jan Paschal)
