* Wells Fargo shares drop despite record profit
* Boeing falls as Dreamliner hit by two more incidents
* Best Buy shares rally after holiday sales report
* Dow off 0.2 pct, S&P off 0.2 pct, Nasdaq down 0.1 pct
By Rodrigo Campos
NEW YORK, Jan 11 (Reuters) - U.S. stocks dipped on Friday
after a record profit at Wells Fargo failed to attract buyers
and Boeing shares were pressured by two further problems with
its new Dreamliner aircraft.
The benchmark S&P 500 index fell slightly but was still up
on the week and just a few points shy of a five-year high set
Wells Fargo, the first major U.S. bank to post
earnings this season, reported a record fourth-quarter profit as
it set aside less money to cover bad loans and made more fees
from mortgages. Its shares fell 2 percent to $34.70, erasing
Thursday's gains but up 1.6 percent on the month.
Shares of Dow component Boeing fell 2 percent to
$75.49 after a cracked cockpit window and an oil leak on
separate flights in Japan added to other mishaps earlier in the
week and to safety concerns about its new 787 Dreamliner. The US
Department of Transportation said the jet would be subject to a
review of its critical systems by regulators.
"The market is giving up a little of its rise yesterday,"
said Peter Jankovskis, co-chief investment officer at OakBrook
Investments in Lisle, Illinois.
He said declines in Wells Fargo and Boeing were pressuring
the overall market, but the consolidation around current levels
showed the market remained resilient.
The Dow Jones industrial average fell 21.54 points or
0.16 percent, to 13,449.68, the S&P 500 lost 3.54 points,
or 0.24 percent, to 1,468.58 and the Nasdaq Composite
dropped 4.23 points, or 0.14 percent, to 3,117.53.
Best Buy shares rallied after its results showed a
bit of a turnaround in its U.S. stores, though same-store sales
were flat during the key holiday season. Shares were last up
12.2 percent at $13.70.
Basic materials shares were pressured after China's annual
consumer inflation rate picked up to a seven-month high,
narrowing the scope for the central bank to boost the economy by
easing monetary policy. The S&P basic materials sector
fell 0.7 percent.
Dendreon Corp shares jumped 18.2 percent to $6.03
after Sanford C. Bernstein upgraded the stock to "outperform"
from "market-perform" and said the drugmaker could be one of the
best performers in 2013.
U.S.-traded shares of India's No.2 software services
provider Infosys Ltd jumped 18.3 percent to $51.98
after the company raised its revenue forecast.