Stocks flat as energy tempers auto uncertainty

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By Deepa Seetharaman

NEW YORK (Reuters) - Stocks were little changed on Thursday as energy shares rallied for the second straight day spurred by a bullish outlook on oil, offsetting concerns over the fate of a bailout for U.S. automakers.

Chevron shares rose 3.8 percent to $81.43, making the stock the Dow's top boost, as crude oil jumped 4.5 percent after the International Energy Agency said world oil demand would resume growing in 2009.

But the fate of a $14 billion package of loans for General Motors Corp and Ford Motor Co hung in the air in the U.S. Senate, a day after it passed in the U.S. House of Representatives.

Senate Republican leader Mitch McConnell of Kentucky said the existing plan "isn't nearly tough enough" on automakers, in a sign of how much opposition the proposal faces. A Senate vote is expected as early as Thursday.

GM stock fell 7.6 percent to $4.25 and Ford slipped 4.9 percent to $3.09.

"Very few people think nothing will be done regardless of the Republican sentiment," said John O'Brien, senior vice president at MKM Partners in Cleveland. "There's so many different sectors that are tied to the autos."

The Dow Jones industrial average <.DJI> rose 5.58 points, or 0.06 percent, at 8,767.00. The Standard & Poor's 500 Index <.SPX> edged up 0.33 points, or 0.04 percent, at 899.57. The Nasdaq Composite Index <.IXIC> slipped 2.63 points, or 0.17 percent, at 1,562.85.

Investors fear that without government help a possible failure or bankruptcy in the auto sector could send shock-waves through the economy and worsen unemployment.

Investors also grappled with fresh signs of labor market deterioration. A U.S. Labor Department report showed the number of people filing for new unemployment benefits surged to a 26-year high last week after employers shed workers in anticipation of a tough recession.

Still, the market was cushioned by shares of biotechnology and pharmaceutical companies, including Eli Lilly and Co , up 3.5 percent to $36.22 after the company issued a solid 2009 earnings forecast.

On the Nasdaq, Amylin Pharmaceuticals jumped nearly 18 percent to $10.07 after news that the company would seek approval for a long-acting version of its diabetes drug Byetta by mid-2009.

Traders said a rotation into energy shares was pulling some cash out of technology and financials, among sectors that have been at the forefront of the market's 20 percent run-up since a November 21 low.

Banks proved to be a big weight on stocks. JPMorgan Chase was the top drag on the Dow, falling 4.9 percent to $31.87. Wells Fargo & Co also fell 8.4 percent to $26.75 after an influential analyst cut the bank's price target.

The KBW Bank Index <.BKX> was down about 4.5 percent.

(Editing by James Dalgleish)

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