NEW YORK (Reuters) - U.S. stocks rebounded late on Monday to end flat, shrugging off lighter-than-expected sales from McDonald's (MCD.N) and lowered iPhone prices from Apple (AAPL.O).
The three major U.S. stock indexes had fallen more than 1 percent before rallying in the last hour of trading, led by bank shares.
Analysts pointed to the S&P 500's recent piercing of its 200-day moving average as a positive sign, giving investors confidence to buy stocks on dips in the market.
"What we're seeing is investors, both institutional and individuals, looking at dips as an opportunity to buy," said Bucky Hellwig, senior vice president at Morgan Asset Management in Birmingham, Alabama.
"It's a sign of the broader strength that's in the market."
The S&P 500 has rallied 39 percent since hitting a 12-year closing low on March 9, leading analysts to speculate a correction was looming, although recent dips have been short-lived.
"The market has been in an uptrend and ever since we broke through that 200-day moving average, the market has been acting pretty well," said Todd Leone, head of listed trading at Cowen & Co. in New York.
"You're still seeing buyers out there."
The Dow Jones industrial average .DJI gained 1.36 points, or 0.02 percent, to 8,764.49. The Standard & Poor's 500 Index .SPX dropped 0.95 of a point, or 0.10 percent, to 939.14. The Nasdaq Composite Index .IXIC dropped 7.02 points, or 0.38 percent, to 1,842.40. more...
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