U.S. stocks fluctuated, after the Standard & Poor’s 500 Index rose to a five-year high, as banks slumped amid Wells Fargo's ($40.66 -0.18%) results and higher Chinese inflation raised concern officials may curb stimulus.

Banks had the biggest loss among 24 groups in the S&P 500 as Wells Fargo, the largest U.S. home lender, slid 1.2 percent after margins narrowed and mortgage applications waned.