Midday Report: Verizon Weighs on Dow; Crude Retreats From 2016 Best

U.S. stocks accelerated losses throughout the morning as crude oil retreated from its highest level of the year. Oil settled Wednesday at its best level since July last year. Verizon (VZ) - Get Report was a major drag on the Dow Jones Industrial Average after reporting a decline in earnings and revenue in its third quarter. The telecom company added 442,000 retail postpaid net additions, below consensus, in what Viacom called a "challenging environment."  Walgreens (WBA) - Get Report rose after extending its deadline to complete its acquisition of Rite Aid (RAD) - Get Report . The drugstore chain moved the date to the end of January instead of October. Walgreens and Rite Aid have recently struggled to gain regulatory approval for the deal. Existing home sales jumped in September as a stream of first-time home buyers entered the market. First-timers reached a four-year high of 34% last month. TheStreet's Keris Lahiff reports from Wall Street.