* Indexes post losses for week
* Yellen lays out concern economic potential is slipping
* Twitter shares down after Salesforce CEO rules out bid
* Indexes up: Dow 0.2 pct, S&P 0.02 pct, Nasdaq 0.02 pct
(Updates to close)
By Caroline Valetkevitch
Oct 14 U.S. stocks ended little changed on
Friday, losing ground late after Federal Reserve Chair Janet
Yellen's comments on the economy unnerved investors.
Financial shares finished up, giving the S&P 500 its biggest
boost after stronger-than-expected bank results, but gave up
most of their early gains. Healthcare shares led declines.
Yellen, in a speech at a conference of policymakers and
academics, laid out the deepening concern at the Fed that U.S.
economic potential is slipping - and may need aggressive steps
to rebuild it.
"In looking at the market, I think, yes, (Yellen's speech)
had a dovish tilt to it if you took it literally," said Quincy
Krosby, market strategist at Prudential Financial in Newark, New
Jeffrey Gundlach, chief executive of DoubleLine Capital,
said Yellen's speech could suggest the U.S. central bank will
stay accommodative for longer.
Yellen did not address interest rates or immediate policy
concerns directly. Traders have currently priced in a 67-percent
chance of a rate hike in December.
The S&P 500 financial index was up 0.5 percent.
JPMorgan Chase and Citigroup trounced
third-quarter estimates. Wells Fargo & Co barely beat
expectations as a sales scandal engulfed the bank.
Shares of JPMorgan ended down 0.3 percent, however, while
Citigroup ended up 0.3 percent and Wells Fargo was
down 0.1 percent.
Wells Fargo has been under pressure following recent
revelations that branch staff had opened as many as 2 million
accounts without customers' knowledge.
The bank earnings somewhat helped shore up Wall Street's
confidence on the outlook for third-quarter earnings after some
disappointing results from industrial and healthcare companies.
S&P 500 earnings for the quarter are still expected to have
declined 0.4 percent from a year ago, Thomson Reuters data
The Dow Jones industrial average closed up 39.44
points, or 0.22 percent, to 18,138.38, the S&P 500 gained
0.43 points, or 0.02 percent, to 2,132.98 and the Nasdaq
Composite added 0.83 points, or 0.02 percent, to
For the week, the Dow was down 0.6 percent, the S&P 500 was
down 1 percent and the Nasdaq fell 1.5 percent.
Shares of Twitter fell 5.1 percent to $16.88 after
Salesforce.com's chief executive ruled out bidding for
Twitter. Salesforce.com shares jumped 5.2 percent to $74.27.
HP Inc fell 4.4 percent to $14.48 after the company
said it would cut about 3,000 to 4,000 jobs over the next three
About 6.0 billion shares changed hands on U.S. exchanges,
below the 6.6 billion daily average for the past 20 trading
days, according to Thomson Reuters data.
Advancing issues outnumbered declining ones on the NYSE by a
1.03-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored decliners.
The S&P 500 posted 3 new 52-week highs and 3 new lows; the
Nasdaq Composite recorded 27 new highs and 80 new lows.
(Editing by Nick Zieminski)