The Standard & Poor's SmallCap 600 Index was nearly unchanged at midday Tuesday as crude prices declined, erasing a jump earlier in the day, and speculation emerged that the Federal Reserve may raise interest rates to curb inflation.
Light, sweet crude for July delivery slipped 19 cents to $134.16 after climbing earlier in the day as the dollar gained against the euro.
Meanwhile, comments from Federal Reserve Chairman Ben Bernanke that a major economic downturn seems unlikely have prompted rumors of interest rate hikes to fight inflation.
The S&P SmallCap 600 Index _ which tracks stocks with a market capitalization between $300 million and $2 billion _ lost 0.03 points to 388.04.
Small-cap companies make up about 3 percent of the total U.S. securities market, but are often cited as good investments due to their low valuations and potential to grow into big-cap stocks.
Regional banks led the decliners. UCBH Holdings Inc., which operates United Commercial Bank, lost 22 cents, or 6.2 percent, to $3.33.
Cascade Bancorp Inc. declined 42 cents, or 5.1 percent, to $7.90. The stock hit a fresh multiyear low of $7.77 earlier in the session.
Olympic Steel Inc. fell $2.74, or 4.1 percent, to $64.35.
Among the gainers, Pep Boys Manny, Moe & Jack climbed 69 cents, or 7.9 percent, to $9.41 after the auto parts and repair chain said its fiscal first-quarter profit rose 47 percent on a gain from property sales.
Shares of recreational vehicle maker Fleetwood Enterprises Inc. jumped 27 cents, or 7.3 percent, to $4.12.
C&D Technologies Inc., which makes electrical power storage systems, gained 55 cents, or 7 percent, to $8.45. Shares hit a multiyear high of $9 earlier in the session.
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