Wall St snaps six-day run; Apple to split stock
Published on Apr 24, 2014 6:31 AM
NEW YORK (REUTERS) - United States (US) stocks dipped on Wednesday to snap a six-session winning streak as gains in Boeing and Gilead were offset by slides in AT&T and the wider biotech sector.
AT&T Inc fell 3.8 per cent to US$34.92 a day after the Dow component reported earnings that beat expectations, offset by weak service revenue growth. Verizon Communications shed 1 per cent to US$47.43 while the S&P telecom sector index dropped 2.2 per cent, easily making it the session's worst-performing sector.
Biotech shares pulled the Nasdaq lower. Amgen Inc slid 5 per cent to US$113.32, a day after earnings missed forecasts. The Nasdaq biotech index fell 1.5 per cent and NYSE Arca biotech index lost 1.6 per cent.
"You've got some big numbers coming out from companies that have already been pretty volatile in the Nasdaq, and there is some caution against the potential for shortfalls that could restart Nasdaq on the way down," said Mr Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
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