National News

Jan 11, 2013 9:47 AM by Associated Press

Stocks open lower; S&P 500 eases below 5-year high

NEW YORK (AP) - Stocks are opening slightly lower on Wall Street, pulling the Standard & Poor's 500 index below a five-year high it reached the day before.

The Dow Jones industrial average was down 17 points at 13,453 shortly after the opening bell Friday.

The S&P 500 index was down a point at 1,471. The Nasdaq composite index was down less than a point at 3,121.

Wells Fargo fell 2 percent after the bank reported that mortgage lending slowed from the third quarter, even as its revenue and per-share income beat Wall Street's estimates. Wells Fargo is the first major lender to report fourth-quarter earnings.

Best Buy rose 9 percent. The struggling electronics retailer reported that its online revenue rose during the holiday season and U.S. sales were better than in recent quarters.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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