US STOCKS-Nasdaq up, but Dow, S&P turn flat before FOMC minutes

* Intel rises after results, lifting Nasdaq

* U.S. retail sales fall more than expected in June

* Fed’s minutes from June meeting awaited

* Dow up 0.1 pct, S&P up 0.04 pct, Nasdaq up 0.6 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to early afternoon)

By Matthew Lynley

NEW YORK, July 14 (BestGrowthStock) – Tech shares led the Nasdaq higher
on Wednesday after Intel’s strong results, but the Dow and S&P
sharply trimmed gains on tepid retail sales figures and ahead of the
release of the minutes from the Fed’s most recent meeting.

Intel Corp (INTC.O: ) reported better-than-expected second-quarter
earnings and revenue late on Tuesday, soothing concerns about
weakness in tech spending. The stock, a Dow component, rose 3.5
percent to $21.74. [ID:nSGE66D0G3]

But weak retail sales tempered enthusiasm ahead of the minutes
from the Federal Open Market Committee’s June meeting, due for
release at 2 p.m. (1800 GMT). Investors are looking to see how the
Fed views recent economic weakness after a spate of worrisome data.

“I think what we’ve seen so far is pretty much going to dictate
what happens the rest of the day — not a lot of movement,” said
Scott Wren, senior equity strategist at Wells Fargo Advisors in St.

On June 23, at the end of its two-day meeting, the Fed renewed
its pledge to keep benchmark interest rates near zero for an extended
period and noted pockets of weakness in the economy.

Investors closely watch retail sales data for insight into
consumer spending as worries about the economic recovery’s pace have
hurt the stock market in recent weeks. For details, see

“The consumer can be very fickle and very subject to short-term
fears,” said Tim Ghriskey, chief investment officer at Solaris Asset
Management in Bedford Hills, New York. “It continues to be
corporations … that are driving the economic recovery.”

The Dow Jones industrial average (.DJI: ) gained 6.81 points, or
0.07 percent, to 10,369.83, well below its session high at 10,400.10.
The Standard & Poor’s 500 Index (.SPX: ) added 0.46 of a point, or 0.04
percent, to 1,095.80. The Nasdaq Composite Index (.IXIC: ) climbed
12.26 points, or 0.55 percent, to 2,254.29.

Earlier, the S&P 500 touched an intraday high at 1,099.08.

Chipmakers led the technology sector, with Nvidia Corp (NVDA.O: )
up 1.3 percent at $11.06. Qualcomm Inc (QCOM.O: ) added 2.3 percent to

An S&P index of retail stocks (.RLX: ) shed 0.6 percent. The
Commerce Department reported that U.S. retailers’ June sales declined
0.5 percent. That was more than twice the 0.2 percent drop forecast
by economists polled by Reuters.

Bank stocks largely fell on renewed concerns about European
banks’ stress test results. [ID:nLDE66D0ZQ]The KBW Bank Index (.BKX: )
lost 1.7 percent.

Fast-food chain operator Yum Brands Inc (YUM.N: ) gave a full-year
profit outlook late on Tuesday that was below expectations. The stock
was down 0.50 of a point at $41.00. [ID:nN13265343]
(Reporting by Matthew Lynley; Editing by Jan Paschal)

US STOCKS-Nasdaq up, but Dow, S&P turn flat before FOMC minutes