US STOCKS-Wall St edges lower following six-day S&P rally

miércoles 23 de abril de 2014 10:17 GYT
 

* S&P 500, Nasdaq coming off six-day winning streak

* Boeing rallies after results, outlook; AT&T drops

* Biotech shares lower after results, but Gilead gains

* Indexes down: Dow, S&P 500 0.1 pct, Nasdaq 0.5 pct (Updates to open)

By Ryan Vlastelica

NEW YORK, April 23 (Reuters) - U.S. stocks edged lower on Wednesday as strong results from Boeing failed to inspire investors to keep pushing equities higher following six straight days of gains.

Better-than-expected corporate earnings have boosted Wall Street lately, though companies have largely been beating reduced forecasts. According to Thomson Reuters data, profits are seen rising 1.6 percent this quarter, down from the 6.5 percent growth rate estimated at the start of the year.

Boeing Co reported first-quarter revenue that beat expectations and lifted its core earnings forecast to reflect a tax settlement gain, sending shares up 2.7 percent to $131.05. However, this was offset by fellow Dow component AT&T Inc, which fell 3.4 percent to $35.07 a day after its results.

"It's nice to see Boeing rally, but expectations weren't extraordinarily high so it had a low bar to clear," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "Generally valuations are still supportive for stocks, and reasonable earnings results will support continued gains."   Continuación...