Nasdaq up on Apple, Starbucks

Nasdaq shares rose on Wednesday, a result of the benefits of Apple Inc and Starbucks, while the banks reap the bank is also disappointing that the weight of energy market.

The Dow Jones industrial average declined, halting a seven-day winning streak, as investors sold some of the market's recent winners to take profits, and the S&P 500 index ended near break-even.

Apple, up 3.5 percent at $156.74, gave the top boost to the Nasdaq a day after the iPod and iPhone maker reported a quarterly profit that beat forecasts. Starbucks, up 18.4 percent at $17.39, ranked as the Nasdaq's second-biggest gainer, after its quarterly profit also beat estimates.

Their advance helped extend the Nasdaq's winning streak -- now the longest such stretch since September 1996. Technology bellwether Apple and coffee chain Starbucks are among stocks that investors use as barometers of consumer spending trends.

After the bell, Internet auctioneer eBay Inc posted a quarterly profit and revenue that beat Wall Street's forecasts. Its stock shot up more than 3 percent in extended-hours trading from a Nasdaq close at $19.45.

"Today's action is a relative positive in that you had some earnings come out that were good, but we are actually near the top of the range," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research in Cincinnati.

"There's a kind of a pause until we get more news on both the earnings and the economic front."

The Dow Jones industrial average shed 34.68 points, or 0.39 percent, to 8,881.26. The Standard & Poor's 500 Index dipped just 0.51 of a point, or 0.05 percent, to 954.07. But the Nasdaq Composite Index gained 10.18 points, or 0.53 percent, to 1,926.38.

The S&P 500 briefly hit a 2009 intraday high of 959.83.

For the year, the Nasdaq is up 22 percent.

WELLS FARGO OFF TRACK

But both the S&P and the Dow industrials were reined in by

disappointing results from banks, including Wells Fargo & Co slipped 0.2 percent.

Bank of New York Mellon slid 6.2 percent to $27.32 after the world's largest trust bank posted a 43 percent drop in second-quarter profit.

Profit-taking in some of the market's recent winners, including Coca-Cola Co, down 2.4 percent at $49.13, also dragged on the broader market.