* Trump says dollar getting too strong
* JPMorgan slightly higher on profit beat
* Wells Fargo down as profit slips
* Dow flat, S&P up 0.02 pct, Nasdaq up 0.18 pct
(Updates to open)
By Yashaswini Swamynathan
April 13 U.S. stocks were little changed on
Thursday as investors assessed the first rush of bank earnings
and President Donald Trump's remarks on the dollar's strength
and interest rates.
Shares of JPMorgan and Citigroup rose about 1
percent after the two banks reported better-than-expected
However, Wells Fargo slipped 2.5 percent after
reporting a big drop in mortgage banking revenue.
The earnings reports come in the wake of a frenetic rally in
bank shares that started after Trump's election as U.S.
president on hopes that he would rein in banking regulations and
introduce other business friendly policies.
At 10:01 a.m. EDT (1401 GMT) the Dow Jones industrial
average was down 0.58 points, flat, at 20,591.28, the S&P
500 was up 0.68 points, or 0.028999 percent, at 2,345.61
and the Nasdaq Composite was up 10.40 points, or 0.18
percent, at 5,846.56.
"Investors will (be) faced with another day of market
uncertainties as bank earnings, geopolitical worries and Trump's
comments on the greenback are being reflected in the volatility
index that is flashing trouble ahead," Peter Cardillo, chief
market economist at First Standard Financial, wrote in a note.
Trump told the Wall Street Journal on Wednesday that the
dollar "was getting too strong" and that he would like to see
interest rates stay low.
The S&P 500 financial index was up 0.2 percent,
while five other S&P sectors were down.
Nine of the 11 major S&P sectors were lower, led by a 0.4
percent decline in financials. Bank of America and
Goldman Sachs are due to report results next week.
Shares of Applied Optoelectronics jumped nearly 23
percent to $50.15 after the company said it expected
first-quarter earnings to exceed its forecast.
Trading volumes could be lower than usual on Thursday ahead
of the Good Friday holiday.
Declining issues outnumbered advancers on the NYSE by 1,403
to 1,186. On the Nasdaq, 1,201 issues fell and 1,163 advanced.
The S&P 500 index showed two 52-week highs and no lows,
while the Nasdaq recorded 10 highs and 27 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by