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Wall St. digs into Wells, more coming

Friday, January 11, 2013 - 01:57

Jan. 11 - Summary of business headlines: Stocks stuck near five-year high as Wells Fargo sparks sector-wide earnings jitters; U.S. opens Dreamliner 787 safety probe; Best Buy bests holiday forecasts. Conway G. Gittens reports.

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Investors decide not to put any big money to work as earnings season gets ready to shift into high gear. The Dow and the Nasdaq crept higher, while the S&P 500 strayed little from its five-year high. Blue chips gained 0.4 percent this week and the Nasdaq gained 0.8. Profits at Wells Fargo hit a record high, but the mortgage giant is making fewer home loans. Results from the nation's fourth largest bank and the nation's biggest home lender - indicate banks are still under pressure to find new revenues. Shares of Wells Fargo dropped. Morgan Stanley, Goldman Sachs, Bank of America and Citigroup - report this coming week - those stocks down as well. Also down: Boeing. More safety incidents - including a cracked cockpit window on Friday. The U.S. Department of Transportation and the Federal Aviation Administration will review the Dreamliner 787 aircraft, says Transportation Secretary Ray LaHood. He's concerned, but confident. SOUNDBITE: U.S. TRANSPORTATION SECRETARY RAY LAHOOD (ENGLISH) SAYING: "I believe this plane is safe and I would have absolutely no reservation of boarding one of these planes and taking a flight. These planes are safe." Shares of Boeing - down for the day and down 3-1/4 percent for the week. The holiday shopping season was not as bad as feared at Best Buy, at least for its U.S. stores, and sales online surged 10 percent. What's hot: tablets, e-readers and mobile phones. What's not: TVs and traditional computers. By the way, the personal computer industry suffered its first drop in holiday sales in five years. That data comes by way of industry tracker IDC. Nevertheless, Best Buy investors sense a turnaround, sending shares of the retailer up more than 16 percent. Finishing up with Europe, concerns about the global economy put stocks in neutral.

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Wall St. digs into Wells, more coming

Friday, January 11, 2013 - 01:57

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