Stocks Run in Place

Blue chips and tech shares close near the flat line.
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Updated from 4:10 p.m. EST

Both blue chips and tech shares closed little changed Tuesday as the market continued to spend a holiday-shortened week treading water.

The

Dow Jones Industrial Average

was up 5.05 points, or 0.04%, at 12,321.59, and the

S&P 500

added 2.31 points, or 0.16%, at 1402.81. The

Nasdaq Composite

ticked up 2.12 points, or 0.09%, to 2454.84.

About 2.63 billion shares changed hands on the

New York Stock Exchange

, where advancers beat decliners by a 10-to-7 margin. Volume on the Nasdaq was roughly 1.71 billion shares, and losers and winners were tied.

By sector, stocks related to precious metals were the big winners of the session. The Philadelphia Gold and Silver Index ended the session 3.6% higher. Chip stocks were among the hardest hit, with the Philadelphia Semiconductor Sector Index losing 1.1%.

Meanwhile,

Google

(GOOG) - Get Report

was the story of the day after its shares pushed above $500 for the first time. Google closed at $509.65, thanks to an advance of $14.60, or 3%.

Other Internet stocks were also stronger, as

Yahoo!

(YHOO)

and

eBay

(EBAY) - Get Report

both added at least 1.5%.

On Monday, the major indices weren't able to draw much buying interest despite a spike in dealmaking and another decline in crude prices. The Dow, pressured by a loss in

General Motors

(GM) - Get Report

, fell 26.02 points to 12,316.54, having hovered near the unchanged mark for much of the session.

The S&P 500 was off fractionally at 1400.50, and the Nasdaq was up 6.86 points to 2452.72 with help from

Marvell Technology

(MRVL) - Get Report

.

"The hits for the markets just keep on coming," said Paul Nolte, director of investments with Hinsdale Associates. "New highs are getting announced with more yawns, and investors are beginning to get itchy about both performance and new stock offerings."

U.S. exchanges are closed Thursday for the Thanksgiving holiday. Friday will be a half-day, with the stock market winding up trading at 1 p.m. EST.

Dell

(DELL) - Get Report

said it would report its delayed quarterly results after the market's close. The report was initially scheduled for last week, but the PC maker pushed back its numbers because of a probe into its accounting and financials. Dell rose 0.7% to $24.82 ahead of the report.

Medical-device maker

Medtronic

(MDT) - Get Report

weighed in with a strong fiscal second quarter, topping Wall Street's estimates on the top and bottom lines. All told, Medtronic earned $681 million, or 59 cents a share, for the quarter, on revenue of $3.08 billion, up 11% from last year. Shares of Medtronic added $4.60, or 9.4%, at $53.55.

Among ratings moves, Credit Suisse upgraded Dow component

Verizon

(VZ) - Get Report

to outperform from neutral. The firm raised its stock price target to $43 from $38. Verizon was higher by 46 cents, or 1.3%, finishing at $35.13.

Following news that

Freeport-McMoRan

(FCX) - Get Report

will pay nearly $26 billion to acquire fellow miner

Phelps Dodge

(PD) - Get Report

, Citigroup cut its rating for Phelps Dodge to hold from buy. Meanwhile, Canaccord Adams downgraded Freeport-McMoRan to hold from buy.

Freeport-McMoRan rose 5% to $58.42, while Phelps Dodge fell 2.4% to $117.60.

Away from stocks, the Treasury market was little changed, and the 10-year note was yielding 4.57%. The 30-year bond saw little action and was yielding to 4.68%.

While the economic docket is bare, Jeffrey Lacker, president of the Richmond

Federal Reserve

bank, is slated to give a speech. Lacker has been in the headlines lately for his opposition to the Fed's recent pause in rate hikes.

Earlier, Fed Governor Kevin Warsh offered hawkish comments, saying that inflation "remains uncomfortably elevated," and that there are "clear" risks that the inflation rate won't fall.

The energy complex and precious metals were on the rise. January oil futures gained $1.10 to finish at $59.95 a barrel. Gold rose $6.60 to close at $628.70 an ounce, and silver was up 35 cents at $13.09 an ounce.

Overseas, European markets stalled. London's FTSE 100 was unchanged at 6203, and Frankfurt's Xetra DAX was up 0.1% to 6460. Asia's markets gained ground overnight. The Nikkei tacked on 0.1% at 15,734, and the Hang Seng rose 0.3% to 19,008.