* JPMorgan, Goldman Sachs earnings jump
* Japanese airlines ground Dreamliners after emergency
* Apple climbs after 3-day slide
* Indexes: Dow off 0.27 pct, S&P off 0.11 pct, Nasdaq up
By Chuck Mikolajczak
NEW YORK, Jan 16 U.S. stocks held near the
unchanged mark on Wednesday as concerns about global economic
growth and a drop in Boeing shares offset strong bank results
and gains in technology stocks.
Goldman Sachs shares hit their highest level since
May 31, 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 $46.44 and Goldman
was up 3.5 percent to $140.27. 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.
According to Thomson Reuters data, S&P 500 earnings growth
is now seen up 2.2 percent from a year ago, Thomson Reuters data
"We didn't have much in the way of earnings, we had some of
the big banks, but you've got the heart of earnings season
coming up and people are sort of on the sidelines here," said
Tim Ghriskey, chief investment officer of Solaris Group in
Bedford Hills, New York.
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.
Shares of Dow component Boeing fell 3.3 percent to $74.39,
the biggest drag on the Dow, on concerns about 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 dropped 35.95
points, or 0.27 percent, to 13,498.94. The Standard & Poor's 500
Index shed 1.60 points, or 0.11 percent, to 1,470.74. The
Nasdaq Composite Index gained 2.91 points, or 0.09
percent, to 3,113.68.
Losses were curbed on the S&P 500 and the Nasdaq moved
higher on a bounce in Apple shares, which were up 3.6
percent at $503.31 after losses in three straight sessions.
Morgan Stanley stamped the tech giant as a "best idea," citing
overblown concerns about iPhone shipments. The S&P technology
sector index gained 0.5 percent.
"Apple rebounding certainly helps the market - if Apple
wasn't rebounding I don't think we would be at a flat level,"
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 4.6 percent to $12.57 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.
Other data showed U.S. homebuilder confidence in the market
for single family homes held steady near seven year highs in
January, suggesting the outlook for the housing market remained