US STOCKS-Wall St recoups losses on BP, Goldman

* BP says no oil is leaking from its blown-out well

* Goldman’s stock rises ahead of SEC announcement

* Dow off 0.1 pct, S&P up 0.1 pct, Nasdaq off 0.03 pct

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

By Leah Schnurr

NEW YORK, July 15 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) ended little changed on
Thursday, recouping losses late in the day, led by a sudden
turnaround in Goldman Sachs and BP.

A jump in BP’s (BP.N: ) U.S.-listed shares after the company said
no oil is leaking from its blown-out well in the Gulf of Mexico
boosted the market shortly ahead of the close. BP gained 7.6 percent
to $38.92. For details, see [ID:nWEN7058]

Goldman Sachs’ (GS.N: ) gains coincided with the Securities and
Exchange Commission saying that it would make a “significant
announcement” later in the afternoon. The announcement prompted
speculation the SEC was going to settle fraud charges with Goldman
Sachs. Shares of Goldman rose 4.4 percent to $145.22.

“In essence, you’ll have ‘closure’ on two issues,” said Quincy
Krosby, market strategist at Prudential Financial in Newark, New

“An announcement along the lines of BP’s announcement, and the
Goldman Sachs issue closed, if that’s what it is, that would help the
tome of the market quite handsomely.”

Indexes spent the majority of the day in negative territory,
weighed down by a subdued outlook on the economy from JPMorgan Chase
& Co (JPM.N: ) and disappointing factory data.

An unexpected fall in regional factory activity and a third
straight month of decline in producer prices raised concerns about
deflation, cooling enthusiasm for the strong start to the earnings
season that had lifted stocks off recent lows. For details, see

The Dow Jones industrial average (.DJI: ) dipped 7.41 points, or
0.07 percent, to end at 10,359.31. The Standard & Poor’s 500 Index
(.SPX: ) added 1.31 points, or 0.12 percent, to 1,096.48. The Nasdaq
Composite Index (.IXIC: ) was off 0.76 of a point, or 0.03 percent, to

JPMorgan Chase & Co (JPM.N: ) reported quarterly earnings that beat
expectations, but offered a cautious outlook on the economy. Much of
the company’s gains came from areas that cannot be a stable source of
income in the future.[ID:nN13247761]

The stock recovered to add 0.3 percent to $40.46, but its sober
economic view hit the shares of competitors Citigroup Inc, (C.N: ),
down 1.2 percent at $4.16, and Bank of America Corp (BAC.N: ), which
dropped 1.8 percent to $15.39. Both report their earnings on Friday.
The S&P Financial Index (.GSPF: ) dipped 0.1 percent.

Earnings and guidance from bellwethers such as Alcoa (AA.N: ) and
Intel (INTC.O: ) have been strong, but that has done little to counter
the disappointing economic data, given that market leaders can do
well even in a weak economy.

Meanwhile, the U.S. Congress approved a broad overhaul of
financial regulation, sending it to President Barack Obama to sign
into law. Senate Democratic Leader Harry Reid said he believes Obama
will sign the bill into law later in the day. [ID:nN15367377]

In a busy day for economic news, the Philadelphia Federal Reserve
Bank said factory activity in the mid-Atlantic region fell
unexpectedly, while the New York Federal Reserve Bank said New York
manufacturing hit the lowest since December 2009.

The U.S. Labor Department said the Producer Price Index declined
for a third straight month. In June, the PPI fell 0.5 percent,
compared with the dip of 0.1 percent expected by economists polled by
(Additional reporting by Rodrigo Campos; Editing by Jan Paschal)

US STOCKS-Wall St recoups losses on BP, Goldman