* 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 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.
The Dow Jones industrial average rose 8.76 points, or
0.05 percent, to 16,923.83. The S&P 500 gained 1.40
points, or 0.07 percent, to 1,966.08. The Nasdaq Composite
advanced 17.29 points, or 0.39 percent, to 4,413.49.
The stock of General Electric Co rose 1.03 percent to
$26.47 and was among the Dow's biggest gainers a week ahead of
the company's second-quarter earnings report.
Internet companies supported the Nasdaq, with Amazon.com Inc
up 5.4 percent at $345.72, and eBay Inc up 2.4
percent at $51.54.
The largest percentage gainer on the New York Stock Exchange
was GeoPark Ltd, up 8.25 pct, while the largest
percentage decliner was MGIC Investment, down 11.74
Advancing issues were outnumbering declining ones on the
NYSE by 1,506 to 1,481, for a 1.02-to-1 ratio on the upside. On
the Nasdaq, 1,309 issues were falling and 1,256 were advancing
for a 1.04-to-1 ratio favoring decliners.
In a cautious signal, the S&P 500 remained under its 14-day
moving average, a sign of weak near-term momentum.
Whirlpool Corp rose 1.1 percent to $140.73 after the
company agreed to buy a 60 percent stake in its smaller Italian
rival Indesit Company SpA for about $1 billion.
Reynolds American Inc confirmed it is in talks to
acquire Lorillard Inc in a multibillion-dollar deal that
would include the sale of some brands to Britain's Imperial
Tobacco Group Plc. Shares of Reynolds tumbled 2 percent
to $61.02 while Lorillard's stock jumped 4 percent to $65.60 and
ranked as one of the S&P 500's biggest gainers.
(Editing by Jan Paschal)