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US stocks flat as bank shares cool off

New York - US stocks opened little changed on Thursday as oil prices edged higher and banking shares cooled off following lower earnings from Bank of America and Wells Fargo.

Five minutes into trade, the Dow Jones Industrial Average stood at 17 919.44, up 11.16 points.

The broad-based S&P 500 was essentially flat, shedding 0.01 point at 2 082.41, while the tech-rich Nasdaq Composite Index lost 0.06% at 4 944.41.

Bank of America gained 1.0% after reporting first-quarter net income dropped 18.1% year-over-year at $2.2bn and earnings per share met expectations.

Wells Fargo lost 0.7% after first-quarter profits fell 5.9% to $5.5bn and the bank cited the drag from low interest rates.

Both banks boosted their reserves to cover bad energy loans.

The mixed performance of banking shares was a shift from Tuesday, when better-than-expected earnings from JPMorgan Chase helped fuel a global equity rally led by banks.

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