The S&P 500 ended nearly flat on Tuesday as concerns about global weakness and political turmoil were offset by gains in technology and energy shares.

The index managed to nearly erase a 1.3 per cent decline from earlier in the day, moving more than 26 points to its high of the day from its low.

Energy, tech shares

Energy and technology shares boosted the market and the Nasdaq ended the day higher. Apple shares climbed 1.5 per cent to $114.12, giving the Nasdaq and S&P 500 their biggest boost. Small-cap stocks also bounced, with the Russell 2000 index gaining 1.8 per cent.

Advancing issues outnumbered declining ones on the New York Stock Exchange by a ratio of 1.53 to 1. Still, the number of NYSE stocks making new 52-week lows was 255, compared with just 117 new highs.

“The market in general is digesting a very big move since its October 15 low,’’ said Adam Sarhan, chief executive of Sarhan Capital in New York. “Less than two months ago we were flat for the year, so investors are hypersensitive to potential downdrafts in the market at this stage in the game.’’

Greece bailout

Greece unnerved investors after the government brought a presidential vote forward in a political gamble that raised uncertainty over the country’s transition out of its bailout.

Brent crude rebounded to settle up 1 per cent after hitting a fresh five-year low of $65.29. Oil prices have been under pressure as the dollar strengthened and OPEC decided against an output cut, with Brent down more than 40 per cent from its June high.

The S&P energy index ended up 0.9 per cent after losing 3.9 percent on Monday.

The Dow Jones industrial average fell 51.28 points, or 0.29 per cent, to 17,801.2, the S&P 500 lost 0.49 points, or 0.02 per cent, to 2,059.82 and the Nasdaq Composite added 25.77 points, or 0.54 per cent, to 4,766.47.

Fed policy meet

Adding to the cautious tone was uncertainty over whether the U.S. Federal Reserve will change its pledge to keep rates near zero for a “considerable time’’ when policymakers meet next week.

US telecom stocks led losses on the S&P 500 and Dow on concerns about an industry price war. Verizon Communications warned that promotions in its wireless business would bite into its fourth-quarter profit.

The S&P telecom index lost 3.2 per cent, while Verizon shares fell 4 per cent to $46.92.

About 7.3 billion shares changed hands on U.S. exchanges, above the 6.5 billion average this month, according to BATS Global Markets.

The S&P 500 is up 10.6 per cent from its October 15 close and is up 11.4 per cent for the year so far.

US-listed shares of Seadrill gained 5.2 per cent to $12.17. John Fredriksen, the biggest owner of the offshore driller, purchased another 1.3 million shares in the firm to raise his stake to 24.15 per cent.

After the bell, shares of Yum Brands fell 4.6 per cent to $71.80 following its forecast for next year.