US stocks hovered near the unchanged mark shortly after today's open as frustrated investors stuck to the sidelines in a market plagued by sharp selloffs.
The New York market had opened higher and then quickly pared gains. The blue-chip Dow Jones Industrial average inched up two points, or 0.03 per cent, to 7,786 after suffering its first close under the 8,000 level since mid-October 1998 yesterday.
The Nasdaq lost four points, or 0.32 per cent, to 1,278, after falling through the 1,300-point psychological barrier the day before.
The US market has suffered a string of volatile sessions in past weeks as investors weigh their next move. The US economy appears to be on the mend, but Corporate America is still dishing out bad news and investor confidence has been shattered.
Texas Instruments helped support the market with a 68-cent gain to $24.07. The world’s largest maker of computer chips for mobile phones posted quarterly earnings that more than doubled on strong sales across nearly all its businesses.