Updated from 3:28 p.m. EDT

The major averages didn't stray far from the flatline as blue-chips and tech stocks ended Monday's session essentially where they started. The

Dow Jones Industrial Average lost 0.3 points to 9605.51. The

Nasdaq finished up 7.95 points, or 0.5%, to 1695.65, and the

S&P 500 was up 6.80 points, or 0.6%, to 1092.58.

AOL Time Warner

(AOL)

gained $2.13, or 6.6%, to $34.41.

EMC

(EMC)

was the most active stock on the

New York Stock Exchange, where it traded up 60 cents, or 4.5%, to $13.95.

Nokia

(NOK) - Get Report

rose 48 cents, or 3.6%, to $13.75.

Qwest Communications

(Q)

climbed $1.76, or 9.7%, to $19.90.

Qualcomm

(QCOM) - Get Report

gained $1.36, or 2.8%, at $50.54. Earlier today, Credit Suisse First Boson upgraded the wireless equipment maker to buy from hold.

RF Micro Devices

(RFMD)

traded up 42 cents, or 1.9%, to $22.73 after raising its second-quarter revenue projections.

Looking at the major sectors, Internet stocks posted a modest gain while banks, chips and biotech shares were under pressure. In Treasuries, the 10-year note was down 16/32 to 101 5/32, yielding 4.851%.

Overseas, London's FTSE 100 closed down 37 points, or 0.7%, to 5034. Japan's Nikkei 225 closed down 321 points, or 3%, to 10,196. Hong Kong's Hang Seng fell 18 points, or 0.2%, to 10,366.