By Anya George Tharakan
(Reuters) - U.S. stocks were little changed on Friday as bank shares fell on lingering effects of the Federal Reserve's less aggressive stance on future rate hikes, while a jump in Adobe lifted the technology sector.
The S&P 500 financial sector (SPSY) was off 0.82 percent, led by losses in big banks including Wells Fargo (N:WFC) and Bank of America (N:BAC).
The index has outperformed in a post-election rally on bets of simpler regulations and on heightened expectations of higher interest rates.
The rally lost some steam after the Fed on Wednesday stuck to its outlook for a gradual tightening in policy following a widely expected quarter point rate hike.
"We got the rate increase that the market was looking for, albeit some of the future expectations were a little bit more muted then investors had been bracing for," said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank.
However, the S&P 500 is on track to score gains for the week, helped by the technology sector.
The S&P tech index (SPLRCT) was supported on Friday by Adobe's (O:ADBE) surge to a record high of $130.30 after the Photoshop software maker reported strong earnings.
At 12:33 p.m. ET the Dow Jones Industrial Average (DJI) was down 0.74 points, at 20,933.81 and the S&P 500 (SPX) was up 0.17 points, or 0.01 percent, at 2,381.55.
The Nasdaq Composite (IXIC) was up 2.44 points, or 0.04 percent, at 5,903.20.
Eight of the 11 major S&P sectors marked slight gains, topped by a 0.54 percent rise in utilities (SPLRCU).
Amgen (O:AMGN) dropped 6.7 percent, weighing down the healthcare sector (SPXHC) after analysts were unimpressed by results of a study on its cholesterol drug.
Amgen was also the biggest drag on the broader S&P 500 index and the Nasdaq.
Tiffany's (N:TIF) shares rose 2.8 percent to $92.48, after the high-end jeweler's fourth-quarter profit topped estimates.
Advancing issues outnumbered decliners on the NYSE by 1,696 to 1,181. On the Nasdaq, 1,437 issues rose and 1,315 fell.
The S&P 500 index showed fifty one 52-week highs and three lows, while the Nasdaq recorded 110 highs and 38 lows.