* Tiffany rises on 4th-qtr profit beat
* Adobe up on strong quarterly results
* Indexes down: Dow 0.07 pct, S&P 0.12 pct, Nasdaq 0.17 pct
(Adds details, comments, updates prices)
By Anya George Tharakan
March 17 U.S. stocks were modestly lower on
Friday as the lingering effects of the Federal Reserve's less
aggressive stance on the rates outlook hurt the financial
The S&P 500 financial sector was off 0.85 percent,
led by losses in big banks including Wells Fargo and
Bank of America.
The index has outperformed in a post-election rally on bets
of simpler regulations and on heightened expectations of higher
The rally petered out somewhat after the Fed on Wednesday
stuck to its outlook for a gradual tightening in policy
following an as expected quarter point rate hike.
"We got the rate increase that the market was looking for,
albeit some of the future expectations were a little bit more
muted then investors had been bracing for," said Eric Wiegand,
senior portfolio manager at the Private Client Reserve at U.S.
"So we've seen interest rates come in a little bit from
earlier this week, so I think that's one of the things that
weighing on financials specifically."
For the week, however, the S&P 500 is on track to score
gains, helped by the technology sector.
The S&P tech index was supported on Friday by
Adobe's 5.6 percent rise after the Photoshop software
maker reported strong earnings.
At 11:06 a.m. ET (1506 GMT), the Dow Jones Industrial
Average was down 15.64 points, or 0.07 percent, at
20,918.91 and the S&P 500 was down 2.97 points, or 0.12
percent, at 2,378.41.
The Nasdaq Composite was down 10.24 points, or 0.17
percent, at 5,890.52.
Eight of the 11 major S&P sectors marked slight gains,
topped by a 0.5 percent rise in utilities.
Amgen dropped 6.7 percent to $168.02 after analysts
were unimpressed by results of a study on its cholesterol drug.
Amgen was also the biggest drag on the broader S&P 500 index
and the Nasdaq.
Tiffany's shares rose 3 percent to $92.73, after the
high-end jeweler's fourth-quarter profit topped estimates.
Advancing issues outnumbered decliners on the NYSE by 1,435
to 1,350. On the Nasdaq, 1,512 issues fell and 1,126 advanced.
The S&P 500 index showed forty five 52-week highs and three
lows, while the Nasdaq recorded 93 highs and 35 lows.
(Reporting by Anya George Tharakan and Yashaswini Swamynathan
in Bengaluru; Editing by Anil D'Silva)