S&P 500 eases from record on tech retreat, Wells Fargo slide

The S&P 500 eased from record levels on Tuesday, as technology stocks handed back gains made on hopes of a preliminary U.S.-China trade deal and Wells Fargo slid in a mixed start to big banks’ quarterly earnings. Kicking off the fourth-quarter earnings season, the largest U.S. bank, JPMorgan Chase & Co (JPM.N), rose 2.3% after reporting a better-than-expected profit on strength in its trading and underwriting businesses, keeping the blue-chip Dow index in the positive territory. Wells Fargo & Co (WFC.N) dropped 3.7% after reporting a slump in profit, as it set aside $1.5 billion toward legal expenses, while Citigroup Inc (C.N) rose 2.3% as it topped Wall Street profit estimates.

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