By JOSHUA FREED, Associated Press
The stock market rally that led to record highs on Thursday has stalled.
Major U.S. indexes were flat in early trading Friday.
Earnings news was mixed. Profits at big banks Wells Fargo and JP Morgan came in better than expected, and that helped bank stocks. But UPS cut its profit outlook and said it's seeing a slowdown in U.S. industry.
The Dow Jones industrial average was up 8 points at 15,469 at 9:50 a.m. The broader Standard & Poor's 500 index was down a fraction of a point at 1,674. Both indexes closed at all-time highs on Thursday.
The Nasdaq composite edged up two points to 3,581.
United Parcel Service sank $5.25, almost 6 percent, to $86.20 after saying its second-quarter and full-year earnings will be less than analysts have been expecting because the company's customers are using cheaper shipping options. UPS also said it's seeing a slowdown in U.S. industry — something likely to concern investors outside of the transportation sector.
Cost-cutting boosted profits at Wells Fargo, and its stock rose $1.07, or 2.6 percent, to $42.96. JPMorgan Chase saw a 32 percent jump in profits. Its stock rose 42 cents, or 0.8 percent, to $55.56.
The yield on the 10-year Treasury note fell to 2.53 percent from 2.57 percent.
Markets elsewhere were mixed. In Europe, Britain's FTSE-100 rose 0.2 percent, and Germany's DAX index was up 0.6 percent. The CAC-40 in France posted a slight decline. The Nikkei in Japan rose slightly, while stocks in Korea and China fell.
The price of crude oil rose 40 cents to $105.31 per barrel in the U.S. Other energy prices also rose. Gold slipped 40 cents to $1,279.
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