U.S. Stocks Open Flat Following Wells Fargo Earnings Report

U.S. stocks opened flat on Friday (January 11), a day after the benchmark S&P 500 index closed at a five-year high, as record earnings from Wells Fargo failed to inspire further buying.

Wells Fargo, the first major U.S. bank to post earnings this season, reported a higher fourth-quarter profit oas it set aside less money to cover bad loans and made more fees from mortgages.

The Dow Jones industrial average dropped 14.16 points, or 0.11 percent, to 13,457.06. The Standard & Poor's 500 Index shed 0.51 points, or 0.03 percent, to 1,471.61. The Nasdaq Composite Index dipped 1.05 points, or 0.03 percent, to 3,120.71.