Dow Jones Industrial Average was flat at 12,302 at 1.07 PM ET. The DJIA index touched an intraday high of 12,387 and a low of 12,269. Nasdaq Composite was also trading flat after touching a high of 2291.

Among major losers were Delta Airlines Inc, NorthWest Airlines Corp., Avnet Inc. and AMR Corporation. Airline stocks were under pressure with Delta Airlines Inc. losing nearly 14.12% compared to earlier close. NorthWest Airlines was also down by 9.45% at $10.15. The stock has touched a 52-week low of $8.05 and a high of $26.50.

Among other airlines stocks, AMR Corporation was down by 8.6% followed by UAL Corp. (down by 6.8%) and Pinnacle Airlines Corp. (down by 6.53%). Major reason for pressure in Airline stocks was the Oil price touching a new high.

Among sectors, Capital Goods, Healthcare and Technology stocks were down. Oil prices remained firm and touched a new trading high at $113 per barrel on Tuesday. The Oil prices closed at a high of $111.76 a barrel on Monday. Technical Analysts believe that Oil may soon touch $115 per barrel.

The inflation figures from most of the major world economies are alarming.