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US STOCKS-Wall St little changed near record; banks slip

Wed, 12th Nov 2014 17:30

* Macy's climbs after earnings

* BB&T to buy Susquehanna Bancshares for $2.5 bln

* SeaWorld tumbles after earnings

* Indexes: Dow, S&P 500 off 0.04 pct, Nasdaq up 0.09 pct (Adds SeaWorld, updates prices)

By Chuck Mikolajczak

NEW YORK, Nov 12 (Reuters) - U.S. stocks were little changedon Wednesday, as investors saw little reason to push indexessignificantly higher a day after the Dow and S&P 500 closed atrecord highs for a fifth straight session.

Financial companies lost ground after global regulatorsfined five major banks - including UBS AG ,HSBC Holdings Plc and Citigroup Inc - $3.4billion for failing to stop their traders from trying tomanipulate the foreign exchange market.

Citigroup, which will pay $1.02 billion to settle the probe, dipped 0.8 percent to $53.39. JPMorgan Chase, which isalso facing a penalty, fell 1.4 percent to $60.49 as the biggestdrag on the S&P 500, while the S&P financial index lost0.3 percent.

Tuesday's S&P 500 record marked its 40th new closing high ofthe year, versus 45 in 2013. The last five-day streak of recordhighs was in May 2013, and the next longest was eight days inJune 1997. The Dow is on a 6-session winning run, its longestsince June.

The Dow Jones industrial average fell 7.46 points, or0.04 percent, to 17,607.44, the S&P 500 lost 0.91 points,or 0.04 percent, to 2,038.77 and the Nasdaq Composite added 4.41 points, or 0.09 percent, to 4,664.97.

"This is a pause. There hasn't been any horrible newspressing down the market," said Kim Forrest, senior equityresearch analyst at Fort Pitt Capital Group in Pittsburgh.

The S&P 500 has rallied more than 9 percent from a six-monthlow in October, buoyed by supportive economic data and corporateearnings. For the year so far, it is up more than 10 percent.

Thomson Reuters data through Wednesday morning showed thatof 453 companies in the S&P 500 reporting, 74.8 percent beatexpectations, well above the long-term and one-year averages.Earnings overall were expected to grow 10 percent over theyear-ago period.

Macy's Inc rose 4.6 percent to $61.26 after it postedthird-quarter earnings and revised its full-year outlook. Cisco Systems is scheduled to reportearnings after the close.

U.S. wholesale inventories rose more that expected inSeptember but the government revised downward initial estimatesfor August, which suggests little impact on current views ofthird-quarter economic growth.

SeaWorld Entertainment slumped 11.1 percent to$16.53, the biggest percentage decliner on the New York StockExchange, after quarterly earnings fell short of expectations.

Susquehanna Bancshares Inc surged 33 percent to$13.17 after the company agreed to be acquired by BB&T Corp for about $2.5 billion. BB&T shares lost 1.9 percent to$37.60. (Reporting by Chuck Mikolajczak; Editing by W Simon, JS Benkoeand Nick Zieminski)

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