US STOCKS-S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag

Reuters

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    * JPMorgan falls, BlackRock gains after earnings
    * Fed minutes hint at tapering from November
    * U.S. consumer prices post solid gain in September
    * Indexes: Dow flat, S&P 500 up 0.3%, Nasdaq up 0.7%

 (New throughout, updates with official closing prices and
volume, adds details)
    By Caroline Valetkevitch
    NEW YORK, Oct 13 (Reuters) - The S&P 500 and Nasdaq ended
higher on Wednesday, led by gains in shares of big growth names
like Amazon.com and Microsoft, but JPMorgan shares fell along
with other bank shares and weighed on the market.
    The S&P 500 briefly added to gains following the release of
minutes from the September Federal Reserve policy meeting.
    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, the minutes
showed.  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
    Shares of JPMorgan Chase & Co  JPM.N  fell 2.6% even though
JPMorgan's third-quarter earnings beat expectations, helped by
global dealmaking boom and release of more loan loss reserves.
The stock declined along with the other bank shares and was
among the biggest drags on the S&P 500 and Dow, which ended
flat.  urn:newsml:reuters.com:*:nL4N2R92DA
    The S&P 500 bank index  .SPXBK  was down 1.3%, with
longer-dated Treasury yields down on the day.
    The day's corporate results kicked off third-quarter
earnings for S&P 500 companies. 
    "My hope is that as we work our way through earnings season,
that the forward-looking guidance will be good enough that we'll
close the year higher. But right now the market is in a show-me
phase," said Jim Awad, senior managing director at Clearstead
Advisors LLC in New York.  
    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 0.53 points to
34,377.81, the S&P 500  .SPX  gained 13.15 points, or 0.30%, to
4,363.8 and the Nasdaq Composite  .IXIC  added 105.71 points, or
0.73%, to 14,571.64.
    BlackRock Inc  BLK.N  gained 3.8% 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
    Also in earnings, Delta Air Lines  DAL.N  fell 5.8% after
the company reported its first quarterly profit without federal
aid since the coronavirus pandemic, but warned of a pre-tax loss
for the fourth quarter due to a sharp rise in fuel prices.
 urn:newsml:reuters.com:*:nL4N2R92K1
    Analysts expect corporate America to report strong profit
growth in the third quarter but investor worries have been
mounting over how supply chain problems, labor shortages and
higher energy prices might affect businesses emerging from the
pandemic.
    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  is due to report on Friday.
    Among other movers, Apple Inc  AAPL.O  dipped 0.4% 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
1.73-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers.
    The S&P 500 posted 8 new 52-week highs and 9 new lows; the
Nasdaq Composite recorded 47 new highs and 56 new lows.
    Volume on U.S. exchanges was 9.31 billion shares, compared
with the 10.8 billion average for the full session over the last
20 trading days.

 (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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