NEW YORK (TheStreet) -- U.S. stock indices settled near the flat line Wednesday, with the S&P 500 finishing above its 100-day moving average and fueling hopes of another near-term pop.
The broad-based index had been flirting with the widely watched 1910 support level all day after investors were faced with negative geopolitical and economic news and speculation of an earlier-than-expected interest rate hike.
"We have come down here over the past three or four sessions. By successfully holding these levels again ... we're probably headed for a short-term rally," said Peter Cardillo, chief market economist at Rockwell Global Capital.
The Dow Jones Industrial Average was up 0.08% to 16,443.34. The S&P 500 was flat at 1,920.24. The Nasdaq was up 0.05% to 4,355.05.
Key sectors finished mixed. Financials, basic materials, consumer staples and energy closed higher as Bank of America (BAC) surged 1.33% to $15.20 after the company increased its quarterly common stock dividend to 5 cents a share from 1 cent. Countercyclical groups such as telecom services and utilities trailed the broader market as AT&T (T) retreated 1.4% to $34.62. Telecom M&A excitement died down Wednesday after Sprint (S) indicated that it would end its run at T-Mobile (TMUS).
Time Warner (TWX) shares tumbled 12.85% to $74.24 Wednesday as Rupert Murdoch's 21st Century Fox (FOXA) withdrew its $80 billion cash-and-stock acquisition offer. Fox on the other hand popped 3.29% to $32.33.
Factory orders have been suffering in Europe's largest economy, a situation that Berlin's Economics Ministry blames on geopolitical developments and risks. These factors have led to a "certain holding back" on orders.