US stocks declined on Wednesday after uninspiring earnings from IBM and Intel, while Chesapeake Energy sank after a Reuters report highlighted that its CEO has taken out large and unusual personal loans. International Business Machines Corp and Intel Corp were among the biggest drags on the Dow. IBM missed its revenue forecast, while investors said Intel's results failed to make a "bull case" for the stock.
The Dow Jones industrial average dropped 66.86 points, or 0.51 percent, to 13,048.68. The Standard & Poor's 500 Index fell 4.74 points, or 0.34 percent, to 1,386.04. The Nasdaq Composite Index lost 12.96 points, or 0.43 percent, to 3,029.86. IBM lost 2.9 percent to $201.43 and Intel fell 1.9 percent to $27.93. The PHLX semiconductor index dropped 1.1 percent.
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