* Banks stocks drop for first time in six days
* Wells Fargo weighs on S&P 500 after rating cut
* Cisco bolsters Dow after results
* Indexes end: Dow +0.04 pct, S&P 500 -0.09 pct, Nasdaq
(Updates to close)
By Noel Randewich
Feb 16 (Reuters) - The Dow Jones Industrial Average scored
its sixth straight record high on Thursday, but just barely,
while the S&P 500 edged lower due to declining energy stocks.
It was a mixed day on wall Street as investors digested
recent gains and sold banks that have been big winners in the
"Trump rally" that has seen the S&P 500 rise about 5 percent so
far in 2017, with the Dow Jones Industrial Average up 4 percent.
Signs of an improving economy and promises by President
Donald Trump to cut corporate taxes and reduce financial
regulations have been behind much of the recent gains. Now, with
a strong fourth-quarter earnings season mostly complete, many
investors say they need concrete signs of progress from Trump to
justify more gains.
"Some of the excitement and enthusiasm over earnings and
those Trump growth initiatives is starting to shift to more
practical, day-to-day events," said Jeff Kravetz, a
Phoenix-based regional investment director of the Private Client
Reserve at U.S. Bank.
The energy sector declined 1.37 percent, following
oil prices lower as traders weighed swelling U.S. inventories
against possible renewed efforts by major oil producers to
reduce a price-sapping glut.
The S&P 500 consumer discretionary index lost 0.44
percent, with TripAdvisor sinking 10.97 percent after
posting lower-than-expected quarterly revenue and profit.
The consumer discretionary index is trading at almost 19
times expected earnings, while the S&P 500 is trading at 17
times expected earnings, according to Thomson Reuters
Cisco Systems rose 2.38 percent after its quarterly
report late the day before, helping push the Dow into positive
territory by the close of trading after spending most of the day
with a loss.
The Dow Jones Industrial Average ended up 0.04
percent to close at 20,619.77, its sixth straight record-high
close. The S&P 500 had lost 0.09 percent to 2,347.22 and
the Nasdaq Composite dropped 0.08 percent to 5,814.90.
Wells Fargo slipped 0.73 percent after Credit Suisse
downgraded its stock to "neutral" from "outperform".
NetEase jumped 14.08 percent following the Chinese
online game developer's revenue beat.
Fourth-quarter earnings for S&P 500 companies have risen
about 7.3 percent, the strongest expansion since the third
quarter of 2014, according to Thomson Reuters data. Analysts on
average expect S&P 500 earnings for the first quarter to rise
Declining issues outnumbered advancing ones on the NYSE by a
1.33-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favored decliners.
The S&P 500 posted 56 new 52-week highs and one new low; the
Nasdaq Composite recorded 153 new highs and 24 new lows.
About 6.9 billion shares changed hands on U.S. exchanges,
just above the daily average of 6.8 billion over the last 20
(Additional reporting by Yashaswini Swamynathan in Bengaluru;
Editing by Nick Zieminski and James Dalgleish)