* Banks among top drags on S&P
* Financial sector set for worst day in two weeks
* Adobe up on strong quarterly earnings
* Dow flat, S&P up 0.01 pct, Nasdaq up 0.04 pct
(Adds details, updates prices)
By Anya George Tharakan
March 17 U.S. stocks were little changed on
Friday as bank shares fell on lingering effects of the Federal
Reserve's less aggressive stance on future rate hikes, while a
jump in Adobe lifted the technology sector.
The S&P 500 financial sector was off 0.82 percent,
led by losses in big banks including Wells Fargo and
Bank of America.
The index has outperformed in a post-election rally on bets
of simpler regulations and on heightened expectations of higher
The rally lost some steam after the Fed on Wednesday stuck
to its outlook for a gradual tightening in policy following a
widely expected quarter point rate hike.
"We got the rate increase that the market was looking for,
albeit some of the future expectations were a little bit more
muted then investors had been bracing for," said Eric Wiegand,
senior portfolio manager at the Private Client Reserve at U.S.
However, the S&P 500 is on track to score gains for the
week, helped by the technology sector.
The S&P tech index was supported on Friday by
Adobe's surge to a record high of $130.30 after the
Photoshop software maker reported strong earnings.
At 12:33 p.m. ET the Dow Jones Industrial Average was
down 0.74 points, at 20,933.81 and the S&P 500 was up
0.17 points, or 0.01 percent, at 2,381.55.
The Nasdaq Composite was up 2.44 points, or 0.04
percent, at 5,903.20.
Eight of the 11 major S&P sectors marked slight gains,
topped by a 0.54 percent rise in utilities.
Amgen dropped 6.7 percent, weighing down the
healthcare sector after analysts were unimpressed by
results of a study on its cholesterol drug.
Amgen was also the biggest drag on the broader S&P 500 index
and the Nasdaq.
Tiffany's shares rose 2.8 percent to $92.48, after
the high-end jeweler's fourth-quarter profit topped estimates.
Advancing issues outnumbered decliners on the NYSE by 1,696
to 1,181. On the Nasdaq, 1,437 issues rose and 1,315 fell.
The S&P 500 index showed fifty one 52-week highs and three
lows, while the Nasdaq recorded 110 highs and 38 lows.
(Reporting by Anya George Tharakan and Yashaswini Swamynathan
in Bengaluru; Editing by Anil D'Silva)