NEW YORK (AP) - The U.S. stock market ended slightly lower Tuesday, avoiding the sharp declines in Europe and Asia thanks to a rally in beaten-down energy companies.
After an early sell-off, the Dow Jones industrial average steadied and ended with a moderate loss of 0.3 percent. That followed a sharp drop in European indexes, most notably in Greece, where the stock market suffered its biggest one-day loss since 1987. Greek officials called an early presidential vote, and investors feared the outcome could jeopardize the country's bailout program.
Stocks in China also stumbled, interrupting a months-long surge, after regulators there tightened rules for lending.
At the end of the day, the Dow lost 51.28 points to close at 17,801.20. It was down as much as 222 points in early trading. The Standard & Poor's 500 index closed effectively unchanged on the day, down 0.49 of a point to 2,059.82. The Nasdaq composite added 25.77 points, or 0.5 percent, to 4,766.47.
Energy companies were among the best performers, helped by a rebound in oil prices from a five-year low. Six out of the 10 biggest advancers in the S&P 500 were oil and gas exploration companies.
The gains in the energy industry were a respite for a sector that has been hit hard this year. The S&P 500 energy index is down 12 percent in 2014, versus the 11 percent rise in the overall market.
Telecom companies were among the biggest decliners Tuesday.
Verizon fell $1.98, or 4 percent, to $46.92 after the company said its wireless division's recent practice of deep discounting and buying out competitors' contracts could hurt the company's profit margins. AT&T, another major wireless carrier, also dropped. AT&T fell 99 cents, or 3 percent, to $32.89.
While the losses in the U.S. were slight, the losses in Europe were far deeper. France's CAC-40 closed down 2.6 percent and Germany's DAX lost 2.2 percent. Britain's FTSE 100 shed 2.1 percent.