US STOCKS-Wall St edges up as Wells fails to inspire; energy drags

viernes 11 de julio de 2014 14:23 GYT
 

* Indexes on track for worst week since April

* Wells Fargo falls, more banks' earnings due next week

* Internet names help support the Nasdaq

* Dow up 0.1 pct; S&P 500 up 0.1 pct; Nasdaq up 0.4 pct (Updates to afternoon)

By Ryan Vlastelica

NEW YORK, July 11 (Reuters) - U.S. stocks rose slightly on Friday but major indexes remained on track for their biggest weekly declines in months as investors showed tepid enthusiasm for their first glimpses of earnings reports and a drop in oil prices dented energy stocks.

Shares of Wells Fargo & Co., down 0.5 percent at $51.54, were in the spotlight as the biggest U.S. mortgage lender was the first major U.S. bank to report earnings. Wells Fargo's results will be followed next week by earnings from Citigroup, Goldman Sachs, JPMorgan Chase and Bank of America.

"Wells came in a little light, and while there was nothing really wrong with the quarter, it is one of the few banks that can be counted on to beat profit expectations and that didn't happen," said Matthew Kaufler, portfolio manager at Federated Investors in Rochester, New York. "Earnings look like they might be a little light."

Energy shares also slipped as oil prices declined, with crude hitting a two-month low on Friday. In addition, Chevron said it expects second-quarter profit to "be higher" than the first-quarter results, which were 40 cents below the current estimate for the second quarter. Chevron's stock fell 1.6 percent to $128.19 and ranked among the biggest drags on the Dow.   Continuación...