Updated from 3:43 p.m. EDT

Stocks ended the session little changed from where they started Tuesday after the

Federal Open Market Committee

late in the day issued a correction to its earlier statement to indicate its view that "longer-term inflation expectations remain well contained."

Final numbers showed the

Dow Jones Industrial Average

with a gain of 5 points at 10,257, while the

S&P 500

slipped 1 point to 1161 and the

Nasdaq Composite

added 4 points to 1933.

The FOMC raised the fed funds target rate a quarter-point to 3%, but the sentence regarding longer-term inflation had been inadvertently omitted from the original statement, and was added after more than hour of trading had taken place.

The 10-year Treasury was up 1/32 in price to yield 4.18%, while the dollar fell against the yen and euro. Oil eased, with the June crude contract recently down $1.42 to $49.50 a barrel in Nymex floor trading.

The FOMC on Tuesday announced the eighth straight quarter-point hike to bring the fed funds target rate to the highest level since October 2001. The direction and size of the move matched expectations, and the Fed retained its vow to carry out future rate hikes at a "measured pace."

In its statement, the FOMC said the committee "believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Recent data suggest that the solid pace of spending growth has slowed somewhat, partly in response to the earlier increases in energy prices.

"Labor market conditions, however, apparently continue to improve gradually. Pressures on inflation have picked up in recent months and pricing power is more evident. Longer-term inflation expectations remain well contained."

"The net effect of this is to make the Fed's message a bit less stark," said Ian Shepardson, chief economist with High Frequency Economics. "The clear signal remains that rates are still too low, inflation pressures are building and the slowdown is nothing severe enough to induce a pause in the rate hikes."

Philip Roth, chief technical market analyst with Miller Tabak, said he believes "the short-term positions just weren't helped at all by the Fed's statement. Because we've gone sideways for a couple of weeks, the market needs to rally over today or tomorrow or it may roll over," he said. "There's no investment buying and we need to see it pretty quickly."

The Commerce Department said Tuesday that factory orders for March rose 0.1%, compared with a revised 0.5% decrease the previous month. Economists had expected a 1.2% decline for March. Excluding an 18.3% increase in petroleum, orders fell 1.5% in the month. Orders for durable goods declined 2.3% in March, revised up from last week's reported 2.8% decline. Orders for nondurable goods rose 2.8%.

Automakers announced auto and truck sales for April on Tuesday.


(F) - Get Report

said U.S. sales fell 2% in April to 281,292 vehicles, despite an 11% jump in car sales. Car sales rose because of Ford's Chicago product lineup, including the Ford Five Hundred, Mercury Montego and Ford Mustang. Despite a 2% drop in truck sales, the F-Series truck added 2% to 71,367 vehicles to remain the bestselling vehicle in the U.S. Ford was recently up 19 cents, or 2.1%, to $9.41.

General Motors

(GM) - Get Report

reported a 7.4% fall in April U.S. sales to 385,939 vehicles. GM truck sales dropped 17% to 215,321, while U.S. car sales gained 7.5%. The company's Cadillac division, meanwhile, had a 19% surge. GM was recently up 39 cents, or 1.4%, to $27.55.

Industrial conglomerate

Tyco International


reported slightly better-than-expected second-quarter earnings Tuesday and set aside $50 million to pay for a potential settlement with the

Securities and Exchange Commission

. The money would cover penalties for the illicit business and accounting practices of previous management.

Before a charge, Tyco earned 48 cents a share in the quarter, a penny better than estimates. But the company also issued earnings guidance for the third quarter and full year that was slightly below estimates. It cited rising costs and a weak European auto-electronics market. Tyco was down $2.35, or 7.6%, to $28.37.



, which Monday dropped out of the bidding war for long-distance company



, said it swung to a profit in its first quarter, thanks to a gain on the sale of wireless operations.

The Denver telco earned $57 million, or 3 cents a share, in the latest quarter, reversing the year-ago loss of $310 million, or 17 cents a share. The first quarter had a gain of 14 cents a share from the asset sale, before which Qwest lost 11 cents a share, a penny wider than expected. Shares were down 1 cent, or 0.3%, to $3.46.

Meanwhile, brokerage Morgan Stanley upgraded shares of MCI to equal-weight from underweight Tuesday after


(VZ) - Get Report

won the bidding war for the company. Shares of MCI were down 35 cents, or 1.4%, to $25.35.


(MAS) - Get Report

, maker of Delta faucets and Behr paint, said first-quarter net income was $231 million, or 52 cents a share, up from $168 million, or 36 cents a share, a year ago. Analysts had expected earnings of 46 cents a share, according to Thomson First Call. Sales rose to $2.97 billion from $2.81 billion, below the average projection of $3 billion. Masco was down $1.31, or 4.1%, to $30.69.

Electrical-equipment maker


(EMR) - Get Report

reported fiscal second-quarter earnings of $348 million, or 83 cents a share, up from $318 million, or 75 cents a share, a year earlier. Results beat the Thomson First Call average estimate of 81 cents a share. Revenue rose 10% to $4.23 billion from last year, higher than forecasts of $4.22 billion. Emerson raised its earnings growth estimate for 2005 to a range of 12% to 16% from 10% to 15%. Shares were recently up 87 cents, or 1.4%, to $64.87.

Marsh & McLennan

(MMC) - Get Report

on Tuesday said profit fell 70% in the first quarter, hindered by charges for restructuring and legal matters. Net income was $134 million, or 25 cents a share, down from $446 million, or 83 cents a share, a year earlier. Excluding charges, profit would have totaled 52 cents a share, higher than the Thomson First Call consensus estimate of 49 cents a share. Shares of Marsh & McLennan were down 16 cents, or 0.6%, to $27.94.

Electronic Data Systems


reported first-quarter earnings of $4 million, or 1 cent a share, compared with a loss of $12 million, or 2 cents a share, a year ago. Excluding items, the company earned $35 million, or 7 cents a share, better than the Thomson First Call consensus of 3 cents a share. Revenue for the quarter was $4.94 billion, matching estimates. For the second quarter, the company expects a loss of 2 cents to 7 cents a share on revenue in the range of $5 billion to $5.2 billion. Wall Street was expecting a profit of 11 cents a share on revenue of $5.07 billion. EDS was down 13 cents, or 0.7%, to $19.30.

General Electric

(GE) - Get Report

said Monday that it received a subpoena from the New York office of the SEC, asking for documents related to the company's finite-risk insurance products. GE said the subpoena is general and asks for documents relating to "certain loss mitigation products," but said it believes its accounting has been correct and will cooperate with the probe. Shares were recently down 35 cents, or 1%, to $35.90.


(MORN) - Get Report

, the first major open-auction IPO since


(GOOG) - Get Report

last summer, opened trading Tuesday at $18.66 a share. Morningstar had priced 7.61 million shares at $18.50 a share, near the top of its estimated range of $16 to $19. The stock was recently up $1.70, or 9.2%, to $20.20.

Google, meanwhile, reached a new all-time high of $225.44 Tuesday after UBS upgraded its rating to buy from neutral. UBS now expects Google to earn $1.30 a share in the second quarter, compared with the previous projection of $1.27. Google was recently up $2.07, or 0.9%, to $224.36.


(IMGN) - Get Report




said Tuesday that they have renewed their partnership, aiming to create antibodies against tumor cell targets. Genentech paid ImmunoGen $2 million for a three-year extension to their original five-year agreement. ImmunoGen was recently up 44 cents, or 8.5%, to $5.60. Genentech was recently up $1.81, or 2.6%, to $72.09.

Teva Pharmaceutical

(TEVA) - Get Report

said first-quarter profit was $259 million, or 38 cents a share, compared with a loss of $428 million, or $1.44 a share, a year earlier, after a hefty acquisition charge. Results matched analysts' expectations. Teva benefited from the suspension of

Biogen Idec

(BIIB) - Get Report




multiple sclerosis drug Tysabri. Sales of Teva's Copaxone were up 23% to $256 million, making it the MS drug leader in the U.S. Total sales rose 24% to $1.3 billion. Teva was down 36 cents, or 1.2%, to $30.78.

In brokerage action, CSFB cut

TTM Technologies

(TTMI) - Get Report

to neutral from buy, citing weak first-quarter results and guidance. TTM, maker of circuit boards for electronic equipment, was down $1.35, or 14.7%, to $7.90.

Overseas markets were mixed, with London's FTSE 100 recently up 1.1% to 4861 and Germany's Xetra DAX adding 0.5% to 4245. In Asia, Japan's Nikkei fell 0.1% overnight to 11,002, while Hong Kong's Hang Seng dipped 0.1% to 13,894.