Shares fell back after early gains on the New York Stock Exchange, despite renewed optimism that Brazil would receive IMF aid after announcing a tough austerity package.

The Dow Jones Industrial Average closed 6 points higher at 8372.

But the broader measures of stock market performance were weaker, with declines outnumbering advances, while the S&P 500 was up 3 at 1068.

The Nasdaq rose 20 points to 1737, boosted by better earnings figures for the technology sector led by America Online.

Trading was light as blue chips struggled to make any gains.

"The market is gently correcting the short-term excesses in a positive fashion, but I think we are going to have a bit more bloodletting before we resume the uptrend," said Alfred Goldman, an analyst at A.G. Edwards.