Tech sector losses break S&P\\\'s 6-day streak

Broad selling in tech stocks pulled US markets lower on Wednesday, cutting short a six-day streak of gains by the S&P 500. Boeing, Dow Chemical and Delta Air Lines registered strong gains on better than expected quarterly reports, but their impact was offset by poor performances from AT&T and biotech giant Amgen. The Dow Jones Industrial Average fell 12.72 points (0.08 per cent) to 16,501.65. The S&P 500 dropped 4.16 (0.22%) to 1,875.39, while the Nasdaq Composite lost 34.49 (0.83%) at 4,126.97. Boeing shares jumped 2.4% after core earnings per share handily beat forecasts and the company raised its 2014 outlook. The aerospace giant was the Dow’s best gainer. Dow Chemical rose 0.9% after reporting a 65% leap in first-quarter profit. Delta’s strong earnings boosted its shares 6.1%. But weakness in telecoms shares helped pull back the overall market. AT&T sank 3.8% after slightly missing revenue forecasts in its first-quarter report released late Tuesday. Falling with it was Verizon, down 1.0. Amgen dived 5.0% after earnings missed expectations. Procter and Gamble shares lost 0.3% after its profits edged 1.7% higher amid what it called a tough competitive environment. Also hit with selling were major tech firms, including Google (-1.5%), Microsoft (-0.8%), Facebook (-2.7%) and Apple (-1.3%). After the close, Facebook reported profit nearly tripled to $642 million in the first quarter on a 72% surge in revenues. Facebook shares rebounded 2.7% in after-hours trade. Bond prices rose. The yield on the 10-year US Treasury fell to 2.69% from 2.73% late Tuesday, while the 30-year slid to 3.47% from 3.50%. Bond prices and yields move inversely, according to AFP.