US STOCKS-S&P 500 edges up after 4-day rally, but P&G weighs

miércoles 12 de febrero de 2014 14:44 GYT

* Procter & Gamble drags on Dow, S&P 500 after outlook

* TripAdvisor rallies after results; Lorillard, Intuit fall

* UBS downgrades to "neutral," shares drop

* Dow off 0.1 pct, S&P 500 up 0.1 pct, Nasdaq up 0.4 pct

By Ryan Vlastelica

NEW YORK, Feb 12 (Reuters) - The S&P 500 rose slightly on Wednesday as a slide in Procter & Gamble's shares kept gains in check after a four-day rally took the benchmark index within striking distance of a record high.

The Standard & Poor's 500 has risen 3.9 percent over the past four sessions, its longest winning streak of the year and best four-day performance in 13 months. The S&P 500 now stands 1.4 percent below its record closing high of 1,848.38 set on Jan. 15.

The advance came after Wall Street's sharpest drop in more than a year, with a selloff triggered by turmoil in emerging markets. Investors were subsequently reassured after Congress agreed to advance legislation extending U.S. borrowing authority and Federal Reserve Chair Janet Yellen held off from making any changes to its schedule for trimming stimulus.

"There isn't a big discount to the market since valuations remain at or approaching fair value, but we don't see it as overly expensive since earnings are growing steadily," said Eric Teal, chief investment officer at First Citizens Bancshares in Raleigh, North Carolina. "We're seeing a better tone in the market after a rough start to the month."   Continuación...