* JPMorgan stock rises after quarterly profit jumps
* Boeing plunges on news of plane fire at Heathrow Airport
* UPS falls after lowering profit outlook
* Dow off 0.1 pct, S&P 500 flat, Nasdaq up 0.1 pct
By Alison Griswold
NEW YORK, July 12 U.S. stocks were mostly flat
in afternoon trading on Friday, helped by strong earnings from
JPMorgan Chase and Wells Fargo, while shares of Boeing slumped
after an airplane fire in London.
Boeing shares fell 5 percent to $101.50 after a
Dreamliner operated by Ethiopian Airlines caught fire at
Britain's Heathrow airport on Friday. Boeing accounted for 40
points of negative drag on the Dow industrials.
Dreamliner component manufacturers were also lower,
including Honeywell International, off 0.6 percent, and
Spirit Aerosystems, down 2 percent.
The S&P 500 industrial sector index fell 0.8
United Parcel Service also weighed on industrials
and was the biggest loser in the S&P 500, sliding 5.8 percent to
$86.13. The world's No.1 package delivery company said
second-quarter profit would fall short of expectations. Rival
FedEx Corp fell 2.3 percent to $102.04.
"UPS is contrary to most of the other indicators on the
economy that we have seen," said Jim Awad, managing director at
Zephyr Management in New York. "It's disappointing and bears
watching as we work our way through the remainder of earnings
Financials were outperforming the broader market after
JPMorgan Chase & Co, the largest U.S. bank by assets,
reported a 31 percent jump in quarterly profits. The stock was
up 0.3 percent at $55.31.
Shares of Wells Fargo & Co, the biggest U.S.
mortgage lender, jumped 2.1 percent to $42.77 after posting
quarterly results that topped expectations.
The Dow Jones Industrial Average was down 11.90
points, or 0.08 percent, at 15,449.02. The Standard & Poor's 500
Index was down 0.31 points, or 0.02 percent, at 1,674.71.
The Nasdaq Composite Index was up 2.78 points, or 0.08
percent, at 3,581.08.
Both the Dow industrials and the S&P 500 closed at all-time
highs on Thursday on reassurance from Federal Reserve Chairman
Ben Bernanke that the U.S. central bank will keep monetary
policy loose for some time.
Over the past three weeks, the benchmark S&P 500 has erased
the nearly 6 percent selloff triggered by the Fed chairman in
late May, when Bernanke first raised the prospect of trimming
the central bank's $85 billion in monthly bond purchases.
The S&P 500 rose 3.8 percent over the previous six sessions,
its best six-day run since early January and longest winning
streak since early March. At midday, the benchmark index was up
2.6 percent for the week.
U.S.-listed shares of Infosys jumped 5.3 percent to
$46.37 after the company reported quarterly results and
maintained its revenue growth forecast.
Analysts expect S&P 500 companies' second-quarter earnings
to have grown 2.8 percent from a year earlier, with revenue up
1.5 percent, data from Thomson Reuters showed.
The Thomson Reuters/University of Michigan's preliminary
reading for July on the consumer sentiment index was 83.9, down
from 84.1 in June and shy of forecasts for 85.