* Dow down 0.4 pct, S&P 500 off 0.2 pct, Nasdaq up 0.03 pct
By Caroline Valetkevitch
The S&P 500 pulled back from record levels and was nearlyflat for the week.
Financials were the biggest drag on the market after bothCitigroup Inc and Goldman Sachs Group Inc reportedquarterly profits hit by lower bond trading revenue, withGoldman's earnings falling 21 percent and Citigroup's missingexpectations.
Goldman's stock slid 2.1 percent to $175.06, one of theDow's biggest decliners, while Citigroup dropped 4.1 percent to$52.75. The S&P financial sector index fell 0.7 percent,making it the biggest loser among the S&P 500 sectors.
Given last year's 30-percent gain for the S&P 500, themarket doesn't need much of a catalyst for selling, said UriLandesman, president of Platinum Partners in New York.
"I think you could see a ratchet downward. It's pricing injust a lot of rosiness and a lot of enthusiasm, and the odds arethat the news isn't going to be good enough to sustain that," hesaid.
The Dow Jones industrial average fell 69.99 points or0.42 percent, to 16,411.95, the S&P 500 lost 3.41 pointsor 0.18 percent, to 1,844.97 and the Nasdaq Composite added 1.244 points or 0.03 percent, to 4,216.128.
With results in from just 6 percent of S&P 500 companies,just 48 percent of earnings are beating expectations, below thelong-term average of 63 percent for a full season.
UnitedHealth Group Inc was the Dow's biggestdecliner, falling 2.5 percent to $72.97 even as the largest U.S.health insurer reported a higher fourth-quarter profit and said2014 earnings would improve.
CSX Corp shares sank 7 percent to $27.17 a day afterthe U.S. railroad reported profits that missed expectations.
After a lackluster start to 2014 on concerns that stockvaluations may be too high after last year's rally, the indexsurged 1.6 percent over the past two sessions to close at arecord high on Wednesday, its first since Dec. 31.
The stock of Best Buy Co Inc plunged 28.2 percentto $26.99, easily the S&P 500's worst performer. The world'slargest consumer electronics chain reported a drop in holidaysales and forecast a bigger-than-expected decline in quarterlyoperating margins.
In the latest economic data, the Consumer Price Index rose0.3 percent in December while the core CPI (Other OTC: CPICQ - news) , which strips outvolatile food and energy prices, edged up only 0.1 percent,suggesting underlying inflation was muted.
In the deal arena, Apollo Global Management LLC saidit would buy CEC Entertainment Inc (NYSE: CEC - news) , the parent of theChuck E Cheese restaurant chain, for about $948 million. CECEntertainment's stock jumped 12.9 percent to $54.66. Incontrast, Apollo Global's shares were up 0.4 percent at $35.88.
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