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AP News

Stocks inch lower; S&P 500 slips from 5-year high

NEW YORK (AP) — Stocks are inching lower on Wall Street in midday trading, pulling the Standard & Poor's 500 index below a five-year high reached the day before.

The S&P 500 fell two points to 1,470 at noon Friday. It closed at its highest level since December 2007 the day before.

The Dow Jones industrial average fell a point to 13,472. The Nasdaq composite index dropped three points to 3,119.

Wells Fargo, the first major bank to report earnings, fell as analysts questioned the sustainability of the banks' profits and worried about slower mortgage lending.

Boeing fell after the Federal Aviation Administration said it is launching a comprehensive review of the critical systems of Boeing's 787 after a fire and a fuel leak earlier this week.

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