Stocks open lower; S&P 500 eases below 5-year high

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Associated Press

Posted on January 11, 2013 at 9:01 AM

Updated Friday, Jan 11 at 9:03 AM

NEW YORK (AP) — Stocks are opening slightly lower on Wall Street, pulling the Standard & Poor's 500 index below a five-year high it reached the day before.

The Dow Jones industrial average was down 17 points at 13,453 shortly after the opening bell Friday.

The S&P 500 index was down a point at 1,471. The Nasdaq composite index was down less than a point at 3,121.

Wells Fargo fell 2 percent after the bank reported that mortgage lending slowed from the third quarter, even as its revenue and per-share income beat Wall Street's estimates. Wells Fargo is the first major lender to report fourth-quarter earnings.

Best Buy rose 9 percent. The struggling electronics retailer reported that its online revenue rose during the holiday season and U.S. sales were better than in recent quarters.

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