FOX Business: Capitalism Lives Here
U.S. equity markets fell on Wednesday as traders parsed through disappointing economic data and mixed corporate earnings.
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As of 2:15 p.m. ET, the Dow Jones Industrial Average fell 19.6 points, or 0.12%, to 16494, the S&P 500 dipped 4.1 points, or 0.22%, to 1875 and the Nasdaq Composite declined 34 points, or 0.82%, to 4127.
The S&P 500 added a sixth day to its winning streak on Tuesday, leaving the broad-market barometer only 0.6% away from its all-time high. The move bellies the intense turbulence seen on Wall Street just weeks ago as high-flying momentum stocks sold off.
On the earnings front, Boeing (NYSE:BA) revealed quarterly results that flew past Wall Street's expectations, sending its shares higher. Defense contractor Northrop Grumman (NYSE:NOC) also rallied after the company overcame weaker revenue to log higher profits. The Dow Jones U.S. Aerospace & Defense Index climbed more than 1%.
Procter & Gamble (NYSE:PG), the blue-chip consumer products giant, posted better-than-expected quarterly profits, but sales that missed analysts' views. AT&T (NYSE:T) revealed a beat on the bottom line, but shares still fell.
Gilead (NASDAQ:GILD), the biotech behemoth that took a beating as momentum stocks dropped, actually revealed much stronger-than-expected results.
Apple (NASDAQ:AAPL), the world's biggest company by market capitalization, is set to post its results after the closing bell. Facebook (NASDAQ:FB) is also set to report its results.
In economic news, the Commerce Department said sales of newly-constructed homes fell 14.5% to an annualized rate of 384,000 units in March. Economists expected a reading of 450,000 units.
Elsewhere, U.S. crude oil futures continued to trade lower after government data revealed record-high supplies. Nymex oil was down to $101.52 a barrel. Wholesale New York Harbor gasoline fell a penny to $3.03 a gallon. Gold advanced $2.80, or 0.22%, to $1,283.90 a troy ounce.