Investing.com - U.S. stocks fell on Wednesday after data revealed new home sales disappointed in March, while selling wiped out six days of gains, as investors priced in positive first-quarter earnings, sold equities for profits and jumped to the sidelines for a breather.
At the close of U.S. trading, the Dow 30 fell 0.08%, the S&P 500 index fell 0.22%, while the NASDAQ Composite index fell 0.83%.
Solid earnings sent stocks to levels ripe for profit taking on Wednesday, as investors locked in gains, sold and headed for the sidelines after six days of gains.
Earlier Wednesday, AT&T Inc (NYSE:T) and biotech giant Amgen Inc (NASDAQ:AMGN) both reported earnings that disappointed investors, which helped spark profit taking as did soft new home sales.
The Commerce Department reported earlier that sales of new homes in the U.S. fell to the lowest level since July 2013 in March.
Sales on new homes dropped 14.5% to a seasonally adjusted rate of 384,000, lower than analysts' forecasts for a sales rate of 450,000.
Aircraft maker Boeing Company (NYSE:BA) reported profits that topped expectations, which cushioned losses.
Investors were also eager for social media giant Facebook Inc (NASDAQ:FB) to release its earnings after the closing bell.
After the session closed, Facebook reported earnings of $0.34 per share ex-items and $2.5 billion in sales, beating market calls for earnings excluding items of $0.24 a share on $2.36 billion in revenue.
Leading Dow Jones Industrial Average performers included Boeing Company (NYSE:BA), up 2.43%, The Travelers Companies Inc (NYSE:TRV), up 1.42%, and Wal-Mart Stores Inc (NYSE:WMT) up 1.62%.
The Dow Jones Industrial Average's worst performers included AT&T Inc (NYSE:T), down 3.82%, Home Depot Inc (NYSE:HD), down 1.44%, and Procter & Gamble Company (PROC.NS), down 1.08%.
European indices, meanwhile, finished lower.
After the close of European trade, the DJ Euro Stoxx 50 fell 0.65%, France's CAC 40 fell 0.74%, while Germany's DAX fell 0.58%. Meanwhile, in the U.K. the FTSE 100 fell 0.11%.
On Thursday, the U.S. is to publish data on durable goods orders and the weekly report on initial jobless claims.