US STOCKS-S&P's 4-day rally ends on P&G's view; Cisco off late

miércoles 12 de febrero de 2014 18:18 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 0.2 pct, S&P 500 flat, Nasdaq up 0.2 pct

By Ryan Vlastelica

NEW YORK, Feb 12 (Reuters) - The S&P 500 closed flat on Wednesday, with a four-day rally in the index just barely coming to an end after Procter & Gamble cut its outlook, though some positive earnings limited the decline and eased concerns that valuations had become stretched.

The Nasdaq rose for a fifth straight session, boosted by strong results at TripAdvisor, while the Dow felt the pressure from P&G and ended the day slightly lower.

The S&P 500 gained 3.9 percent over the past four sessions, its best four-day performance in 13 months. The move put it about 1.6 percent below its record closing high of 1,848.38 set on Jan. 15.

"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 of First Citizens Bancshares in Raleigh, North Carolina. "We're seeing a better tone in the market after a rough start to the month."   Continuación...