NEW YORK (CNNMoney)
The Dow Jones Industrial Average fell 0.8%, the S&P 500 lost 1% and the Nasdaq shed 0.9%.
Bank of America (BAC, Fortune 500) was the biggest drag on the Dow, after it missed first-quarter earnings estimates, despite an uptick in revenue. Higher investment banking revenue was offset by lower mortgage banking income.
Shares of Yahoo (YHOO, Fortune 500) continued to slide, one day after the company reported lousy first-quarter sales and issued a downbeat outlook.
Intel (INTC, Fortune 500) shares also edged lower after the chipmaker posted earnings and sales in line with expectations. The company reported another decline in chip sales for PCs, however, with revenue from that business falling 6% compared to a year earlier.
Riding the tech downturn, shares of Apple (AAPL, Fortune 500) hit a new 52-week low early Wednesday. The stock has been plagued by worries about slowing iPhone demand.
Fairway Group Holdings, the parent of Fairway Market, priced an initial public offering at $13 a share -- above its estimated range. The company will start trading Wednesday under the ticker FWM.
American Express (AXP, Fortune 500) and eBay (EBAY, Fortune 500) are due to report results after the close.
It's been a rough week for investors. Weak economic news out of China and the Boston terror attack sparked one of the biggest one-day sell-offs of the year Monday. A strong housing report led a big rebound Tuesday.
And gold prices haven't helped sentiment much either. On Monday, gold prices plunged to a two-year low in their biggest sell-off in decades. After a modest recovery Tuesday, prices are down again, sliding $1 to $1,386.40 an ounce.
In economic news, the Federal Reserve will release the April edition of its Beige Book, a survey of regional economies, at 2 p.m. ET.
Related: Fear & Greed Index: Idling in neutral
European markets were weaker in morning trading, dropping for a fourth consecutive session, while Asian markets ended mixed. The Nikkei added 1.2%, while the Shanghai Composite and Hang Seng were little changed.
First Published: April 17, 2013: 9:50 AM ET
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