Stocks Opened Little Changed, US Retail Sales Fell in June

U.S. stocks opened little changed on Tuesday as investors assessed disappointing June retail sales numbers amd as their focus shifted from Greece to the U.S. earnings season. The Dow Jones Industrial Average lately rose 17.17 points, or 0.10%, to 17,994.85. The S&P 500 added 4.28 points, or 0.20%, to 2,103.88. The Nasdaq Composite was up 16.45 points, or 0.32%, to 5,087.96.

Sales at U.S. retailers unexpectedly dropped in June, curbing optimism about the strength of the rebound in consumer spending during the second quarter. Purchases decreased 0.3 percent after a 1 percent advance in May that was smaller than previously reported, Commerce Department figures showed Tuesday in Washington.

Greece will need debt relief far beyond what euro zone partners have been prepared to consider due to the devastation of its economy and banks in the last two weeks, a confidential study by the International Monetary Fund seen by Reuters shows.

JPMorgan Chase & Co reported a stronger-than-expected rise in profit on Tuesday, helped by a drop in legal and restructuring expenses and a smaller tax bill.The bank paid an effective tax rate of 25 percent, down from 30 percent in the same quarter last year, as its tax bill dropped 13 percent to $2.81 billion. That helped net income attributable to common shareholders rise to $5.78 billion, or $1.54 per share, from $5.57 billion, or $1.46 per share, a year earlier.

Wells Fargo & Co. said its second-quarter profit slipped as lower fees in some key businesses resulted in weaker-than- expected revenue growth. The San Francisco-based bank reported a profit of $5.72 billion, down slightly from $5.73 billion in the same period of 2014.

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