* Wells Fargo net interest margin drops, shares slip
* Boeing falls as Dreamliner hit by two more incidents
* Best Buy shares rally after holiday sales report
* Dow up 0.1 pct, S&P flat, Nasdaq up 0.1 pct
By Leah Schnurr
NEW YORK, Jan 11 U.S. stocks ended little
changed on Friday as investors took a step back from buying
ahead of next week's busy corporate earnings calendar.
Overall earnings are expected to grow by just 1.9 percent in
this season, according to Thomson Reuters data. Analysts say
that, with the bar low, there's room for companies to beat
expectations, and that may have contributed to the rise in
stocks so far in 2013.
That rally has slowed in the last few days.
"It's a market that is waiting for more of a catalyst from
earnings," said Quincy Krosby, market strategist at Prudential
Financial in Newark, New Jersey.
The S&P 500 index has gained 5 percent over the last two
weeks to take the benchmark to five-year highs.
Wells Fargo & Co set a weak tone Friday after it
reported results. It showed lower fourth-quarter net interest
margin - a key measure of how much money banks make from loans -
even as profit jumped.
The bank, which was the first major financial institution to
report results this earnings season, also made fewer mortgage
loans than in the third quarter.
Wells Fargo ended down 0.8 percent at $35.10, off its lows
for the day, while bank shares weighed on the broader market.
The S&P 500 financial sector index fell 0.3 percent
after rallying more than 1 percent on Thursday.
Bank of America Corp, JPMorgan Chase & Co
and Citigroup Inc are due to report results next week, as
are other major companies including General Electric and
An agreement reached in Washington at the start of the year
over the "fiscal cliff" saw investors in U.S.-based funds add
$7.53 billion to stock mutual funds in the week ended Jan 9, the
most since 2001, data from Thomson Reuters' Lipper service
"The money poured into the market at the beginning of the
year and you're going to need new money to bring this market
higher," said Krosby. She said that in the short-term the market
has a bias toward moving higher, even though it is overbought.
The Dow Jones industrial average gained 17.21 points,
or 0.13 percent, to 13,488.43. The Standard & Poor's 500 Index
dipped 0.07 points to 1,472.05. The Nasdaq Composite
Index added 3.88 points, or 0.12 percent, to 3,125.64.
For the week, the S&P and Dow both gained 0.4 percent and
the Nasdaq rose 0.8 percent.
Boeing weighed on the Dow after a cracked cockpit
window and an oil leak on separate flights in Japan added to
problems with some of its Dreamliner 787 jets, compounding
safety concerns about the new aircraft.
The U.S. Department of Transportation said the jet would be
subject to a review of its critical systems by regulators.
Boeing was the biggest loser on the Dow, falling 2.5 percent to
Best Buy rallied after its results showed a small
turnaround in U.S. stores, though same-store sales were flat
during the key holiday season. Its shares jumped 16.4 percent to
$14.21, making it the best performer on the S&P 500.
Dendreon Corp surged 21 percent to $6.17 after
Sanford C. Bernstein upgraded the drugmaker's stock to
"outperform" from "market-perform" and said it could be one of
the best performers in 2013.
Volume was below the 2012 average of 6.42 billion shares
traded a day, with roughly 5.93 billion shares changing hands on
the New York Stock Exchange, the Nasdaq and the NYSE MKT.
Advancers outpaced decliners on the New York Stock Exchange
by 1,578 to 1,393, while advancers narrowly outnumbered
decliners on the Nasdaq by 1,228 to 1,223.