Dow, Nasdaq move higher while S&P 500 flat

US stocks closed in mixed territory Friday as tepid earnings from Wells Fargo kept markets restrained.

At the close of trade, the Dow Jones Industrial Average was up 17.21 points (0.13 percent) at 13,488.43

But the broad-based S&P 500 was flat, down 0.07 point at 1,472.05, while the tech-heavy Nasdaq Composite rose 3.87 (0.12 percent) to 3,125.63.

The results came as Wells Fargo became the first major bank to report financial results in the current earnings season. Although Wells bested expectations, news of slimming profit margins drove shares down 0.9 percent to $35.10.

The Wells Fargo results also pushed lower Bank of America, down 1.4 percent, and JPMorgan Chase, off 0.1 percent.

Boeing shares dropped 2.6 percent after the Federal Aviation Administration opened an investigation into safety issues on its 787 Dreamliner aircraft following several incidents in the past week.

Best Buy jumped 16.5 percent after besting expectations with a report of flat sales in the US during the holiday season.

BlackBerry maker Research in Motion was up 13.8 percent despite a downgrade by BMO.

American Express gained 0.7 percent after announcing late Thursday that it would eliminate 5,400 jobs in 2013, 8.5 percent of its workforce.

Bond prices rose. The yield on the 10-year US Treasury fell to 1.88 percent from 1.89 percent late Thursday. The yield on the 30-year US Treasury dropped to 3.05 percent from 3.08 percent. Bond prices and yields move inversely.

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