New York Report: Wall St breaks winning run

US stocks dipped yesterday to snap a six-session winning streak as gains in Boeing and Gilead were offset by slides in AT&T and the wider biotech sector.

The Dow Jones industrial average fell 12.72 points or 0.08 per cent, to end at 16,501.65.

The S&P 500 lost 4.16 points or 0.22 per cent, to 1,875.39. The Nasdaq Composite dropped 34.491 points or 0.83 per cent, to 4,126.967.

Better-than-expected earnings have buoyed Wall Street lately, though companies have largely been beating reduced forecasts.

Profits are seen rising 1.6 per cent this quarter, down from the 6.5 per cent growth rate estimated at the start of the year.

Of the 141 companies in the S&P 500 that had posted results through Wednesday morning, 65.2 percent have topped expectations, above the long-term average of 63 per cent.

Volume was light, with 5.67bn shares traded on US exchanges.