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Wall Street flat as Apple gains, Boeing weighs
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NEW YORK (Reuters) ā U.S. stocks were little changed on Wednesday as concerns about global economic growth and a drop in Boeing shares offset strong bank results and gains in technology stocks.
Goldman Sachs shares hit their highest level since June 2011 as earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses, while JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.
JPMorgan shares edged up 0.2 percent at $46.43 and Goldman was up 2.5 percent to $139.01. The KBW bank index gained 0.3 percent.
But with only 37 companies in the S&P 500 having reported earnings so far this season, investors are exercising caution until signs of growth can emerge.
A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.
āDomestically, we are pretty well positioned,ā said Marc Helman, Vice President, Institutional Services at HFP Capital Markets in New York.
āBut globally itās more of a mixed bag and that is where we have some of our concerns, so you are going to continue to see people wait on the sidelines until they get a little more clarity through the earnings season.ā
Shares of Dow component Boeing fell 3.1 percent to $74.59, the biggest drag on the Dow, on safety concerns for its new Dreamliner passenger jets. Japanās two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a series of recent incidents.
The Dow Jones industrial average shed 19.70 points, or 0.15 percent, to 13,515.19. The Standard & Poorās 500 Index edged up 0.32 points, or 0.02 percent, to 1,472.66. The Nasdaq Composite Index gained 7.26 points, or 0.23 percent, to 3,118.04.
The Nasdaq moved higher on gains in Apple shares, which were up 3.2 percent at $501.66 after losses in three straight sessions. Morgan Stanley stamped the tech giant as a ābest idea,ā citing overblown concerns about iPhone shipments.
Talks to take Dell Inc private were at an advanced stage, with at least four major banks lined up to provide financing, two sources with knowledge of the matter told Reuters. Shares fell 4 percent to $12.65 after jumping more than 21 percent over the past two sessions.
U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.
(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)
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