Thursday's midday trade: Wall Street stays down

Wall Street fell for a second day on Thursday as earnings failed to live up to lofty expectations and investors booked profits in a market extended by weeks of gains. Sectors that led the recent rally such as materials and technology were among the worst hit. The S&P materials index slid 1.7 percent and the Philadelphia semiconductor index lost 1.5 percent.
The Dow Jones industrial average dropped 18.99 points, or 0.16 percent, to 11,806.30. The Standard & Poor's 500 Index fell 3.76 points, or 0.29 percent, to 1,278.16. The Nasdaq Composite Index lost 24.32 or 0.89 percent, to 2,701.04.