U.S. stocks were lower on Wednesday after the S&P 500 notched its biggest gain in a month, weighed down by IBM and Intel after their quarterly results.
The benchmark S&P on Tuesday climbed 1.55 percent, its biggest percentage gain since March 13, as Coca-Cola Co
Investors don't like volatility but large run-ups can be equally unsettling too because investors question if that is going to hold, said Tim Speiss, a partner at Eisner Amper in New York.
According to Thomson Reuters data, 22 companies in the S&P 500 were expected to report on Wednesday, including American Express Co
Of the 56 S&P 500 companies reporting through Wednesday morning, 79 percent beat Wall Street estimates.
International Business Machines Corp
Investors should not overreact to positive news nor should they be overreacting to really what could be viewed as isolated earnings reports. One report does not make a trend, unfortunately, said Speiss.
The Dow Jones industrial average <.DJI> dropped 56.99 points, or 0.43 percent, to 13,058.55. The Standard & Poor's 500 Index <.SPX> lost 4.68 points, or 0.34 percent, to 1,386.10. The Nasdaq Composite Index <.IXIC> fell 6.36 points, or 0.21 percent, to 3,036.46.
SXC Health Solutions Corp
Genworth Financial Inc
Berkshire Hathaway Inc
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)