2014.04.2405:11:20UTC+00US stock market ends 6-day winning stretch

The US stock market tumbled on Wednesday, which broke its six-day winning run, as the recent corporate earnings frustrated investors.

A shocking plunge in sales of new homes was also counted on the wider market.

The Standard & Poor’s 500 erased 4.16 points or 0.2%, to end at 1,875.39. The Dow Jones industrial average sank 12.72 points or 0.1%, to 16,501.65. The Nasdaq composite dropped 34.49 points or 0.8%, to 4,126.97.

Since reaching a two-month low on April 11, the S&P 500 rallied 3.5% through Tuesday. A stock market pause is not normal following a rebound. Biotechnology and Internet stocks were affected the most.

Intuitive Surgical, a surgical robot maker, dived $48.40 or 12%, to $373.93. The company reported a 77% plunge in its 1st quarter profits.

Amgen’s shares plunged $5.99 or 5%, to $113.32 following it reported an abrupt drop in earnings. Gilead Sciences’ stock climbed $1 or 1.4%, to $73.86 after posting a surge in 1st quarter earnings.

Gilead’s drug Sovaldi, a new treatment for hepatitis C, reported $2.3 billion in sales in the 1st quarter, which outmatched the record for any drug in its first year on the market.

AT&T listed quarterly results that surpassed analysts’ expectations, but its Dow component stock decreased $1.37 or 4%, to $34.92.

Airline stocks were the greatest advancers. Delta Air Lines shares increased $2.14 or 6%, to $37.09.

Delta’s 1st quarter earnings rose following it filled more seats and paid less for fuel. Meanwhile, the Commerce Department reported on Wednesday the sales of new homes fell 14.5% in March to an adjusted annual rate of 384,000. That was the second monthly decrease and the lowest since July 2013.

Sales of new homes went down 13.3% in the last 12 months.