Stocks Fluctuated; Wells Fargo Profit Rose

U.S. stocks fluctuated in the early trading on Friday as investors weighed the potential impact of financial stress in Europe amid corporate earnings. The Dow Jones Industrial lately lost 29.47 points, or 0.17%, to 16,885.60. The S&P 500 was down 2.16 points, or 0.11%, to 1,962.52. The Nasdaq Composite was up 4.19 points, or 0.10%, to 4,400.40.

In its second quarter earnings report Friday, Wells Fargo (WFC)showed a solid jump in loan and deposit growth. Wells Fargo reported second quarter revenue of $21.1 billion, which was down from a year earlier but better than analyst predictions.

U.S. business economists have sharply cut their growth forecasts for the April-June quarter and 2014, though they remain optimistic that the economy will rebound from a dismal first quarter.

Chinese state media on Friday branded Apple Inc’s iPhone a threat to national security because of the smartphone’s ability to track and time-stamp user locations.

Shares of Lorillard (LO) rallied 4.5% in premarket trade after Reynolds American (RAI) confirmed that it was in discussions regarding a possible acquisition of the cigarette maker.

Fastenal Co. (FAST) said its second-quarter earnings rose nearly 8% as the company’s revenue continued to improve, though margins weakened slightly. For the quarter ended June 30, Fastenal reported a profit of $130.5 million, or 44 cents a share, up from $121 million, or 41 cents a share, a year earlier.

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