* JPMorgan stock rises after quarterly profit jumps
* UPS falls after lowering profit outlook
* Dow off 0.2 pct, S&P 500 off 0.1 pct, Nasdaq flat
By Alison Griswold
NEW YORK, July 12 (Reuters) - The broad U.S. stock market
took a break on Friday after a six-day climb, although bank
stocks gained slightly after strong earnings from big lenders
JPMorgan Chase and Wells Fargo.
The S&P financial sector index advanced 0.4 percent
after JPMorgan Chase & Co, the largest U.S. bank by
assets, reported a 31 percent jump in quarterly profits. The
stock was up 0.2 percent at $55.25. Shares of Wells Fargo, the
biggest U.S. mortgage lender, jumped 1.8 percent to $42.63 after
posting quarterly results that topped expectations.
Eight of the 10 S&P 500 industry sectors declined, with
materials and industrial shares suffering some of the heaviest
United Parcel Service slid 5.6 percent to $86.36 and
was the biggest drag on the S&P 500 after the world's No.1
package delivery company estimated second-quarter profit would
fall short of expectations. Rival FedEx Corp fell 2.4
percent to $101.86.
Both the Dow industrials and the S&P 500 Index
closed at all-time highs on Thursday on reassurance from
Federal Reserve Chairman Ben Bernanke that the U.S. central bank
will keep monetary policy loose for some time.
Over the past three weeks, the benchmark S&P 500 has erased
the nearly 6 percent selloff triggered by the Fed chairman in
late May, when he first raised the prospect of trimming the
central bank's $85 billion in monthly bond purchases.
"I think the market has reason to move higher, but it's had
a substantial run now," said Warren West, principal at Greentree
Brokerage Services in Philadelphia.
The Dow Jones Industrial Average was down 24.19
points, or 0.16 percent, at 15,436,76. The Standard & Poor's 500
Index was down 2.31 points, or 0.14 percent, at 1,672.71.
The Nasdaq Composite Index was up just 0.41 of a point,
or 0.01 percent, at 3,578.72.
The S&P 500 rose 3.8 percent over the previous six sessions.
At midday, the benchmark index was up 2.5 percent for the week.
The six-day run marks the longest winning streak since early
March, when the S&P 500 climbed for seven straight sessions on
positive data, hopes for rosy results and signals of continued
economic support from the Fed.
Analysts expect S&P 500 companies' second-quarter earnings
to have grown 2.8 percent from a year earlier, with revenue up
1.5 percent, data from Thomson Reuters showed.
U.S.-listed shares of Infosys jumped 5.4 percent to
$46.41 after the company reported quarterly results and
maintained its revenue growth forecast.
The Thomson Reuters/University of Michigan's preliminary
reading for July on the consumer sentiment index was 83.9, down
from 84.1 in June and shy of forecasts for 85.