NEW YORK (Reuters) - Stocks dipped on Friday after a record profit at Wells Fargo failed to attract buyers and Boeing shares were pressured by two further problems with its new Dreamliner aircraft.
The benchmark S&P 500 index fell slightly but was still up on the week and just a few points shy of a five-year high set Thursday.
Wells Fargo
Shares of Dow component Boeing
"The market is giving up a little of its rise yesterday," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.
He said declines in Wells Fargo and Boeing were pressuring the overall market, but the consolidation around current levels showed the market remained resilient.
The Dow Jones industrial average <.dji> fell 21.54 points or 0.16 percent, to 13,449.68, the S&P 500 <.spx> lost 3.54 points, or 0.24 percent, to 1,468.58 and the Nasdaq Composite <.ixic> dropped 4.23 points, or 0.14 percent, to 3,117.53.
Best Buy
Basic materials shares were pressured after China's annual consumer inflation rate picked up to a seven-month high, narrowing the scope for the central bank to boost the economy by easing monetary policy. The S&P basic materials sector <.gspm> fell 0.7 percent.
Dendreon Corp
U.S.-traded shares of India's No.2 software services provider Infosys Ltd
(Editing by Bernadette Baum)
Wall Street dips on Wells Fargo, Boeing; S&P up on week
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Wall Street dips on Wells Fargo, Boeing; S&P up on week