* JPMorgan profit jumps in quarter
* UPS falls after lowering profit outlook
* Dow up 0.1 pct, S&P 500 off 0.01 pct, Nasdaq up 0.09 pct
By Chuck Mikolajczak
NEW YORK, July 12 U.S. stocks were little
changed on Friday after closing at fresh record highs a day
earlier, as rosy results from JPMorgan and Wells Fargo were
overshadowed by a profit warning from United Parcel Service.
The S&P 500 index and the Dow industrials
closed at record highs on Thursday, after Federal Reserve
Chairman Ben Bernanke said the U.S. central bank will keep
monetary policy loose for some time to lower the unemployment
JPMorgan Chase & Co, the largest U.S. bank by
assets, advanced 0.4 percent to $55.34, after reporting a 31
percent jump in quarterly profit. Wells Fargo & Co, the
biggest U.S. mortgage lender, climbed 2 percent to $42.74 after
posting quarterly results that topped expectations. The S&P
financial index gained 0.3 percent.
But United Parcel Service Inc dropped 5.2 percent to
$86.22 - the biggest drag on the S&P 500 - after the world's
No.1 package delivery company estimated second-quarter profit
would be below analysts' expectations due to overcapacity in the
world freight market. Rival FedEx Corp shed 1.7 percent
"Wells Fargo and JPMorgan have come in with better than
expected numbers. UPS is probably not a surprise given ongoing
downward revisions in guidance," said Fred Dickson, chief market
strategist, D.A. Davidson & Co. Lake Oswego, Oregon.
"We'll go a little bit higher, consolidate gains, maybe take
a little profit going into the weekend and investors are going
to sit back and wait for the tidal wave of earnings next week."
Data showed the seasonally adjusted producer price index
increased 0.8 percent last month, above expectations calling for
a 0.5 percent increase. Excluding volatile food and energy
costs, core producer prices, rose 0.2 percent last month, versus
expectations for a rise of 0.1 percent.
The benchmark S&P index has risen 3.8 percent over the past
six sessions and is up 2.6 percent for the week. The six-day run
marks the longest winning streak since early March, when the
index climbed for seven sessions on positive data, hopes for
rosy results and signals from the Fed that it would continue to
backstop the economy.
The Thomson Reuters/University of Michigan's preliminary
reading on the overall index on consumer sentiment edged down in
early July to 83.9 from 84.1 in June, shy of forecasts for 85.
The Dow Jones industrial average gained 15.05 points,
or 0.10 percent, to 15,475.97. The Standard & Poor's 500 Index
dropped 0.15 points, or 0.01 percent, to 1,674.87. The
Nasdaq Composite Index gained 3.28 points, or 0.09
percent, to 3,581.58.
Analysts expect S&P 500 companies' second-quarter earnings
to have grown 2.5 percent from a year earlier, with revenue up
1.5 percent, according to Thomson Reuters data.
U.S.-listed shares of Infosys jumped 7.1 percent to
$47.16 after reporting quarterly results and maintaining its
revenue growth forecast.