NEW YORK ? ?A rebound for Apple Inc. buoyed the technology sector on Wednesday, while Wall Street adopted a generally wary stance and considered results from several banks including J.P. Morgan Chase & Co. and Goldman Sachs Group Inc.
"We're meandering along on relatively low volume, digesting some of the gains and waiting to see what's next," said Brad Sorensen, director of market and sector research at Charles Schwab.
The Dow Jones Industrial Average (DJI) lost 22.98 points, or 0.2%, to 13,511.91, with 15 of its 30 components losing ground.
Boeing Co. (BA) led the blue-chip slide, its shares down 3.3%, after Japan's two largest airlines grounded all their 787 Dreamliner planes as a safety precaution after one made an emergency landing. Wednesday's incident is the latest in a series of mishaps plaguing the airliner in recent weeks.
The S&P 500 index (SPX) held steady at 1,472.56, with telecommunications hit the hardest and the recently beaten-up technology sector the best performer of its 10 major industry groups.
The Nasdaq Composite Index (RIXF) rose 8.68 points, or 0.3%, to 3,119.46, with the technology-laden index bolstered by Apple (AAPL) rebound from its recent slide.
For every two stocks gaining roughly three declined on the New York Stock Exchange, where 206 million shares traded as of noon Eastern.
Composite volume hit 1.3 billion.
Investors are "back to the sidelines waiting to get a decent read on fourth-quarter earnings and, more important, first-quarter 2013 revenue and earnings guidance," said Fred Dickson, chief investment strategist at Davidson Cos.
Shares of J.P. Morgan Chase (JPM) rose 0.2% after the bank reported fourth-quarter profit that exceeded estimates and 2012 revenue down from the prior year.
Goldman Sachs (GS) climbed 2.8% as the investment bank's quarterly profit nearly tripled.
"Financials have outperformed recently, and earnings have not dissuaded that. Balance sheets are improving, especially among the big banks, which can continue to grow revenues and meet estimates," said Sorensen at Charles Schwab.
The S&P 500 is up more than 3% so far this year, but four leading indicators of a market top are signaling that the bull market is on shaky ground, according to Mark Hulbert.
In economic news, the Federal Reserve reported Wednesday that U.S. industrial production rose for a second month in December on increased demand for business equipment.
The Fed's Beige Book, a collection of anecdotes on the U.S. economy prepared in advance of its Jan. 29-30 meeting, will give clues as to the state of the economy in the aftermath of a legislative deal that prevented most income taxes from rising but kept uncertainty on government spending and even functioning. The Beige Book will be released at 2 p.m.
On Tuesday, the World Bank sharply curtailed its forecast for global growth in 2013, warning of the negative impact of the political battle in the United States over spending cuts and raising the nation's debt limit.
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