* JPMorgan, Goldman Sachs earnings jump
* Japanese airlines ground Dreamliners after emergency
* Apple climbs after 3-day slide
* Indexes: Dow off 0.15 pct, S&P up 0.02 pct, Nasdaq up 0.23
By Chuck Mikolajczak
NEW YORK, Jan 16 U.S. stocks were little changed
on Wednesday as concerns about global economic growth and a drop
in Boeing shares offset strong bank results and gains in
Goldman Sachs shares hit their highest level since
June 2011 as earnings nearly tripled on increased revenue from
dealmaking and lower compensation expenses, while JPMorgan Chase
said fourth-quarter net income jumped 53 percent and
earnings for 2012 set a record.
JPMorgan shares edged up 0.2 percent at $46.43 and Goldman
was up 2.5 percent to $139.01. The KBW bank index gained
But with only 37 companies in the S&P 500 having reported
earnings so far this season, investors are exercising caution
until signs of growth can emerge.
A slow economic recovery in developed nations is holding
back the global economy, the World Bank said on Tuesday, as it
sharply scaled back its forecast for world growth in 2013 to 2.4
percent from an earlier forecast of 3.0 percent.
"Domestically, we are pretty well positioned," said Marc
Helman, Vice President, Institutional Services at HFP Capital
Markets in New York.
"But globally it's more of a mixed bag and that is where we
have some of our concerns, so you are going to continue to see
people wait on the sidelines until they get a little more
clarity through the earnings season."
Shares of Dow component Boeing fell 3.1 percent to $74.59,
the biggest drag on the Dow, on safety concerns for its new
Dreamliner passenger jets. Japan's two leading airlines grounded
their fleets of 787s after an emergency landing, adding to
safety concerns triggered by a series of recent incidents.
The Dow Jones industrial average shed 19.70 points,
or 0.15 percent, to 13,515.19. The Standard & Poor's 500 Index
edged up 0.32 points, or 0.02 percent, to 1,472.66. The
Nasdaq Composite Index gained 7.26 points, or 0.23
percent, to 3,118.04.
The Nasdaq moved higher on gains in Apple shares,
which were up 3.2 percent at $501.66 after losses in three
straight sessions. Morgan Stanley stamped the tech giant as a
"best idea," citing overblown concerns about iPhone shipments.
Talks to take Dell Inc private were at an advanced
stage, with at least four major banks lined up to provide
financing, two sources with knowledge of the matter told
Reuters. Shares fell 4 percent to $12.65 after jumping more than
21 percent over the past two sessions.
U.S. consumer prices were flat in December, pointing to
muted inflation pressures that should give the Federal Reserve
room to prop up the economy by staying on its ultra-easy
monetary policy path.