Wednesday's midday trade: S&P 500 flirts with 1,400, then dips

The S&P 500 knocked on 1,400 before edging lower on Wednesday as investors digested the previous session's rally on the US Federal Reserve comments on the economy and the banking sector. Apple Inc shares, up 2.5 percent at $582.52, posted a sixth straight day of gains and helped to limit the broader market's losses.
Apple's advance on Wednesday came after Morgan Stanley and Canaccord Genuity lifted the price target on the stock to above $700. Bank stocks, a major component of the S&P 500's 11 percent gain for the year, led a late-day surge in Tuesday's rally. The KBW Bank index was up 0.7 percent at midday on Wednesday, with its gain for the year at nearly 21 percent.
Bank of America, up 3.4 percent at $8.78, and American Express, up 3.1 percent at $55.93, ranked among the S&P 500's best performers. But Citigroup, Wells Fargo, Goldman Sachs and MetLife were among the benchmark's biggest drags. The Dow Jones industrial average edged up 13.89 points, or 0.11 percent, to 13,191.57. The S&P 500 Index dipped 2.08 points, or 0.15 percent, to 1,393.87. The Nasdaq Composite shed 2.16 points, or 0.07 percent, to 3,037.72.