US STOCKS-Wall St mostly up on Nasdaq and growth stocks, takes Fed minutes in stride

Reuters

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    * JPMorgan falls, BlackRock gains after earnings
    * Apple falls after report of lower iPhone production
    * Indexes: Dow down 0.1%, S&P up 0.1%, Nasdaq up 0.5%

 (New throughout, updates prices, market activity and comments
to after Fed minutes; new byline, adds dateline)
    By Caroline Valetkevitch
    Oct 13 (Reuters) - U.S. stocks were mostly higher on
Wednesday in afternoon trading, led by gains in the Nasdaq and
shares of big growth names including Amazon.com and Microsoft.
    The S&P 500 briefly added to gains following the release of
minutes from the September Federal Reserve policy meeting.
    The minutes showed U.S. central bankers signaled they could
start reducing crisis-era support for the economy in
mid-November, though they remained divided over how much of a
threat high inflation poses and how soon they may need to raise
interest rates.  urn:newsml:reuters.com:*:nL1N2R91NQ
    Earlier, a Labor Department report showed consumer prices
increased solidly in September, further strengthening the case
for a Fed interest-rate hike.  urn:newsml:reuters.com:*:nL1N2R914S
    JPMorgan Chase & Co  JPM.N  fell 2.7% and was among the
biggest drags on the Dow and S&P 500 even though its
third-quarter earnings beat expectations, helped by global
dealmaking boom and release of more loan loss reserves.
 urn:newsml:reuters.com:*:nL4N2R92DA
    "The market is in a show-me phase" with earnings, said Jim
Awad, senior managing director at Clearstead Advisors LLC in New
York. 
    "My hope is that stronger-looking guidance" will help to
support prices, he said.
    Mega-caps growth names including Amazon.com Inc  AMZN.O ,
Google-parent Alphabet  GOOGL.O  and Microsoft Corp  MSFT.O  all
rose.
     The Dow Jones Industrial Average  .DJI  fell 54.74 points,
or 0.16%, to 34,323.6, the S&P 500  .SPX  gained 4.56 points, or
0.10%, to 4,355.21 and the Nasdaq Composite  .IXIC  added 69.98
points, or 0.48%, to 14,535.90.
   BlackRock Inc  BLK.N  rose 3.7% after the world's largest
money manager beat quarterly profit estimates as an improving
economy helped boost its assets under management, driving up fee
income.  urn:newsml:reuters.com:*:nL4N2R929K
    Bank of America  BAC.N , Citigroup  C.N , Wells Fargo
 WFC.N  and Morgan Stanley  MS.N  will report results on
Thursday, while Goldman Sachs  GS.N  will publish earnings on
Friday. 
    Analysts expect corporate America to report strong profit
growth in the third quarter at a time when worries about supply
chain problems and higher prices are affecting businesses
emerging from the pandemic.
    Among other stocks, Apple Inc  AAPL.O  fell 0.8% after a
report said the iPhone marker was planning to cut production of
its iPhone 13.  urn:newsml:reuters.com:*:nL4N2R83KW
    Advancing issues outnumbered declining ones on the NYSE by a
1.50-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored advancers.
    The S&P 500 posted 6 new 52-week highs and 8 new lows; the
Nasdaq Composite recorded 46 new highs and 50 new lows.

 (Additional reporting by Devik Jain and Bansari Mayur Kamdar in
Bengaluru; Editing by Arun Koyyur and David Gregorio)
 ((caroline.valetkevitch@thomsonreuters.com))

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