Yelp and Zynga pace US stocks Social media and gaming stocks rallied in morning trading on Wall Street, with shares in Zynga climbing 8.4 per cent at the open to a record high of $15.55 after the game company announced plans to allow customers to play its social games on its own website, as well as through Facebook or other social-network sites. JPMorgan pointed out that FarmVille, believed to be Zynga's most lucrative game, will not be available on the website, and questioned how much the move will reduce the company's dependence on Facebook. Doug Anmuth, JPMorgan's internet analyst, also noted it would allow third-party game developers to distribute products through Zynga. In another sign of investor enthusiasm for social media stocks, Yelp , the business reviews website and smartphone application, leapt more than 60 per cent to $24.60 on its market debut. That came after the company had priced shares at $15, above the projected $12-$14 range. Elsewhere shares fell slightly at the open, with the S&P 500 opening 0.2 per cent lower to 1,371.76, the Dow Jones Industrial Average off 0.2 per cent to 12,958.8 and the Nasdaq Composite index off 0.1 per cent to 2,986.91. While several analysts have suggested individuals take profit with all three big US indices having recently reached multiyear highs, JPMorgan portfolio strategist Thomas Lee said the new highs were "a reminder of the remarkable resilience of this market." He said the S&P 500 could reach 1,430 by the year end and suggested clients add to cyclical positions, even if the market is flat in the short term. But fund flow data from Lipper suggested retail investors remain suspicious of the rally. Investors withdrew $4bn from domestic equity mutual funds in February, marking a 10th straight month of outflows. Bank stocks defied the trend to rise at the open. The financial sector of the S&P 500 was one of just two sectors in positive territory. Bank of America climbed 0.5 per cent to $8.16, approaching a six-month high, and Morgan Stanley climbed 0.8 per cent to $19.34. Brian Foran at Nomura, who had said last year that the retreat of European banks from the US market should afford opportunities for US banks to grab lucrative commercial and industrial lending clients, said the transfer of market share was only proceeding at "a glacial pace." Moreover, the share is not just going to domestic banks. Asian banks have also been active in picking up US bank loans from Europeans," Mr Foran said in a note. MetroPCS fell 3.3 per cent to $10.51, as the wireless network operator said it was actively considering options for its spectrum, after a potential acquisition by Sprint fell through.