* Bank rules overhaul seen less onerous for profit outlook
* Oracle jumps after results beat view on strong sales
* Q1 GDP revised down; consumer sentiment improves
* Dow down 0.1 pct, S&P up 0.3 pct, Nasdaq up 0.3 pct
* For up-to-the-minute market news see []
(Updates to close)
By Ryan Vlastelica
NEW YORK, June 25 (Reuters) - The Nasdaq and S&P 500 rose
modestly on Friday on relief that the financial regulation bill
wouldn't crimp Wall Street profits as badly as feared and as
tech company Oracle's strong results revived hopes about
business spending.
Despite the day's gains, the main stock indexes fell for
the week after two straight weeks of gains and recorded their
weakest performance in five weeks.
Banks climbed after lawmakers agreed on rules that did not
make dramatic changes to derivatives and proprietary trading,
two highly profitable businesses in lawmakers' crosshairs. The
bill must still be approved by both chambers of Congress before
it can be signed into law. For details, see []
JPMorgan Chase & Co <JPM.N> rose 3.7 percent at $39.44
while Bank of America Corp <BAC.N> gained 2.7 percent to
$15.42.
The S&P financial sector <.GSPF>, which is down 8.4 percent
over the past quarter, rose 2.8 percent.
"Regulation is less onerous than people's fears, so you're
seeing a bit of a relief rally in the financials today, which
obviously is helping," said Michael James, senior trader at
Wedbush Morgan in Los Angeles.
Oracle Corp <ORCL.O> gained 1.7 percent to $22.60 a day
after it posted a stronger-than-expected quarterly profit on
solid sales of new software. []
"This could be a sign of a pick-up in tech spending, which
may mean other tech firms are going to report strong numbers,"
said Andy Fitzpatrick, director of investments at Hinsdale
Associates in Hinsdale Illinois.
The Dow Jones industrial average <> was down 8.99
points, or 0.09 percent, at 10,143.81. The Standard & Poor's
500 Index <.SPX> was up 3.07 points, or 0.29 percent, at
1,076.76. The Nasdaq Composite Index <> was up 6.06
points, or 0.27 percent, at 2,223.48.
The Dow fell 2.9 percent for the week, the S&P 500 was off
3.6 percent and the Nasdaq Composite fell 3.7 percent.
The Dow edged lower on Wal-Mart Stores Inc <WMT.N>, which
fell 2.5 percent to $48.80.
The week's high and low points covered a wider span than
last week's. Closing below the previous week's low in an
"outside week" is seen as a technical bearish signal.
"It looks like we're stuck in this trading range, with the
downside (on the S&P) around 1,040 to 1,050 and upside capped
by the 50 day moving average, which right now is around 1,127"
said Michael Sheldon chief market strategist, RDM Financial,
Westport, Connecticut.
In economic news, a survey showed that consumer sentiment
rose more than expected while a government report showed
first-quarter gross domestic product was slower than previously
estimated. []
"The market was already worried about a downturn, and the
GDP data will highlight the idea that we should be concerned
about a slowdown," said Chip Hanlon, president at Delta Global
Advisors in Huntington Beach, California.
Crude oil surged 3.2 percent to $78.91 per barrel on
concerns that a tropical disturbance in the Caribbean may
develop into a storm and threaten Gulf of Mexico production.
[]
At the same time, U.S.-listed shares of BP Plc <BP.N>
tumbled to a 14-year low as it continued to struggle to contain
its oil spill in the Gulf of Mexico and the storm threatened to
disrupt the effort. []
Some major companies announced disappointing earnings.
BlackBerry maker Research in Motion Ltd <RIM.TO><RIMM.O> was
the biggest drag on the Nasdaq 100 <>, with its U.S.-traded
shares down 11 percent to $52.23 a day after reporting
weaker-than-expected shipments and subscribers.
[]
KB Home <KBH.N> slumped 9 percent to $11.12 after the
homebuilder reported a wider-than-expected quarterly loss.
[].
Advancing stocks outnumbered declining ones on the New York
Stock exchange by a ratio of 11 to 4 while on the Nasdaq 9
stocks rose for every 4 that fell.
(Editing by Kenneth Barry)
