The Dow moved quickly in and out of negative territory in afternoon trading, with Caterpillar exerting the heaviest weight on the blue-chip average. Caterpillar's stock shed nearly 10 percent to $32.20, after the heavy equipment maker forecast its 2009 profit would drop significantly from 2008, and announced massive job cuts.
Among financial-sector laggards, Regions Financial Corp
Concerns over whether banks will need to raise more capital also dampened sentiment.
"It's the same old story," said Steve Goldman, market strategist at Weeden & Co, based in Greenwich, Connecticut.
"There's still the unknown - there will likely be a plan coming out soon on banks, but that brings us to the unknown as well."
The Dow Jones industrial average <.DJI> edged up 9.72 points, or 0.12 percent, at 8,087.28. The Standard & Poor's 500 Index <.SPX> added 2.67 points, or 0.32 percent, to 834.62. The Nasdaq Composite Index <.IXIC> put on 4.58 points, or 0.31 percent, to 1,481.87.
News that Pfizer Inc
Pfizer was down 11.9 percent at $15.38, while Wyeth gave up earlier gains to slide 0.9 percent to $43.30.
(Reporting by Leah Schnurr; Editing by Jan Paschal)