(At 4:23 p.m. EDT)
put up a valiant fight, but once again the blue chip average finished in negative territory Tuesday.
A decline of only 16 points is a lot easier for the bulls to swallow than the 200-point drop from Monday, but it still leaves investors to wonder whether the market is in correction mode or whether this is part of a pullback that represents a solid buying opportunity.
In all honesty, I have no clue. Bulls will argue the fact that the Dow hung in there today -- and even spent some of the session in positive territory -- as a positive. Bears will certainly welcome a third straight day of declines.
, which will bring the latest decision on interest rates from the
, becomes even more interesting now.
Bank of America
were the biggest gainers among the 15 Dow components to finish higher Tuesday.
The other half of the 30 Dow members were lead lower by
, which lost 6.5% on the delay of its 737 aircraft.
(At 11:49 a.m. EDT)
shares dropped on word it would delay the development of its 787 aircraft. Existing home sales were worst than expected. The Iran election controversy wages on. Ed McMahon has died. Jon and Kate announced their divorce. The weather still stinks in New York. What else could possibly make Tuesday crummier?
For one, the
Dow Jones Industrial Average
is lower once again, continuing the previous session's massive slide. Lately, the Dow was losing 18 points to 8321. The decline is a drop in the bucket compared to Monday's 200-point plummet, but that's little consolation for bulls who wanted to see the blue chip index stem the decline.
was the largest decliner on the Dow, falling more than 6% after it announced the 787's first flight will be postponed so the company can reinforce an unspecified area adjoining the central body section of the aircraft. The problem was identified during a recent test flight.
Economic data was also pressuring the Dow. The National Association of Realtors said existing home sales rose 2.4% from April to May, but the seasonally adjusted annual rate of 4.77 million last month was below what economists expected. In addition, April's figure was revised down to 4.66 million units.
But not all the news was miserable.
Bank of America
was among the Dow's winners after the bank announced the pricing of its common stock offering. In a statement Monday, BofA said the common stock average price was $12.7048. The offering is part of the bank's process to exchange outstanding depository shares of preferred stock for up to 200 million common shares.
was another stock gaining on the Dow after a report that it will sell processors to
for mobile devices.
reported Tuesday that the deal will be announced on a conference call, according to the report, with Anand Chandrasekher, senior vice president of Intel's ultra-mobility group, set to deliver the news. Shares were adding 1% to $15.83.