* S&P 500 down 0.9 pct for week in biggest weekly drop since
* Wells Fargo falls after results; more banks' earnings due
* Internet names help support the Nasdaq
* Dow up 0.2 pct; S&P 500 up 0.2 pct; Nasdaq up 0.4 pct
(Updates to close)
By Caroline Valetkevitch
NEW YORK, July 11 U.S. stocks managed to score
modest gains on Friday, but the S&P 500 posted its biggest
weekly drop since April as investors showed only mild enthusiasm
after getting their first glimpses of earnings.
Shares of Wells Fargo & Co., which fell 0.6 percent
to $51.49, 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.
Next week's flurry of earnings will include reports from
Google and Intel.
"This market is predicated on economic data, but above all
else, it's on what companies are telling us. We need to hear
from companies to give credence to whether or not the economy is
gaining momentum versus losing traction," said Quincy Krosby,
market strategist at Prudential Financial, based in Newark, New
Internet names ranked among the day's biggest gainers, with
shares of Amazon.com Inc up 5.6 percent at $346.20, and
eBay Inc up 2.3 percent at $51.50.
The Dow Jones industrial average rose 28.74 points or
0.17 percent, to end at 16,943.81. The S&P 500 gained
2.89 points or 0.15 percent, to 1,967.57. The Nasdaq Composite
added 19.29 points or 0.44 percent, to 4,415.49.
For the week, the Dow ended down 0.7 percent, the S&P 500
slid 0.9 percent and the Nasdaq tumbled 1.6 percent.
A sharp drop in oil prices slammed energy shares, with U.S.
crude futures settling down more than $2 a barrel. Shares
of Exxon Mobil were down 0.8 percent at $101.74 and were
the biggest drag on the S&P 500. Chevron, down 1.4
percent at $128.47, was the Dow's biggest percentage decliner.
A bright spot was provided by Whirlpool Corp. The
stock rose 1.1 percent to $140.76 after the U.S. manufacturer of
washers, dryers and other major home appliances agreed to buy a
60 percent stake in its smaller Italian rival Indesit Company
SpA for about $1 billion.
Advancing issues outnumbered declining ones on the NYSE by
1,657 to 1,358, for a 1.2-to-1 ratio on the upside. On the
Nasdaq, advancers were about even with decliners.
About 4.9 billion shares traded on U.S. exchanges, below the
5.4 billion average for the month to date, according to data
from BATS Global Markets.
(Editing by Jan Paschal)