NEW YORK - Stocks skidded lower today after a steeper-than-expected decline in sales of existing homes wiped away some of the market’s optimism about upbeat earnings reports. The major indexes each lost more than 1 percent, including the Dow Jones industrial average, which fell more than 125 points.

The National Association of Realtors said sales resumed their decline in June after a slight rebound in May. Existing home sales declined by 2.6 percent in June, well beyond the 1 percent drop economists had forecast.