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Wall Street Snaps Six-Day Run

April 24, 2014 by  

Wall Street Snaps Six-Day Run, – U.S. 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 (T.N) fell 3.8 percent to $34.92 a day after the Dow component reported earnings that beat expectations, offset by weak service revenue growth. Verizon Communications (VZ.N) shed 1 percent to $47.43 while the S&P telecom sector index .SPLRCL dropped 2.2 percent, easily making it the session’s worst-performing sector.

Biotech shares pulled the Nasdaq lower. Amgen Inc (AMGN.O) slid 5 percent to $113.32, a day after earnings missed forecasts. The Nasdaq biotech index .NBI fell 1.5 percent and NYSEArca biotech index .BTK lost 1.6 percent.

“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 Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.

“This is traditionally not going to be a particularly strong time for earnings reports, and it’s easy to take less inspiring numbers and say this market is overvalued or pass them by and say this is a seasonally low point. So it really is more about investors’ own view of how high a multiple they are willing to pay.”

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