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NEW YORK, Oct 24 (Reuters) - U.S. stocks ended lower for a second day on Wednesday, as investors soured on another round of underwhelming corporate results and the Federal Reserve said it would stick to its stimulus plan until the job market improves. The S&P 500 has lost 3.6 percent over the past five sessions, hurt by weak earnings outlooks and top-line revenue misses from large multinational companies. The index is now down 3.9 percent from its closing high of 1,465.77 set on Sept. 14.

The Fed, in its latest policy statement, said it would keep buying $40 billion in mortgage-backed debt per month to keep interest rates low until the job picture gets better. "Unemployment is staying where it is, new jobs are minimal, and the Fed is staying defensive," said Allan Flader, financial advisor at RBC Wealth Management, in Phoenix. "I would be surprised if they went to a neutral stance any time soon. You need to see more credible increases in employment, and it's just not happening yet." On Sept. 13, the Fed unveiled a third round of economic stimulus, or quantitative easing, known as QE3.

The Dow Jones industrial average shed 25.19 points, or 0.19 percent, to close at 13,077.34. The Standard & Poor's 500 Index dropped 4.36 points, or 0.31 percent, to 1,408.75. The Nasdaq Composite Index slipped 8.77 points, or 0.29 percent, to end at 2,981.70.

During the regular session, Facebook Inc shares soared 19.1 percent to $23.23 a day after the social networking company's quarterly results showed a surprising surge in mobile advertising revenue. Shares of Apple, scheduled to report after Thursday's close, rose 0.6 percent to $616.83. The day's other gainers included Dow Chemical Co, the largest U.S. chemical maker, which said late on Tuesday it would cut 5 percent of its work force and shut 20 plants to counter a slowing global economy. Its stock jumped 4.7 percent to $29.88. On the down side , shares of movie rental company Netflix tumbled 11.9 percent to $60.12 after it cut its subscriber forecast, and shares of data-storage equipment maker EMC Corp fell 0.9 percent to $24.46 after it cut its full-year outlook.

Homebuilders' stocks ranked among the session's best performers. An index of housing stocks shot up 0.7 percent. Shares of Pulte Group, one of the largest U.S. homebuilders, gained 0.8 percent to $17.45. Sales of new U.S. single-family homes jumped 5.7 percent in September to the highest level in nearly 2-1/2 years, offering more evidence that the housing market's recovery is improving.

U.S. crude futures fell for a fifth straight session on Wednesday as rising U.S. crude inventories and weak euro zone economic data offset supportive signs that Chinese petroleum demand could stage a recovery. Crude oil stocks in the United States jumped 5.9 million barrels last week, the U.S. Energy Information Administration (EIA) said in a weekly report, well above the expected increase of 1.9 million barrels in a Reuters survey of analysts.

0040 GMT [Dow Jones] Malaysia shares may rise but gains are likely to be limited following tepid U.S. stocks after the Fed reiterated its economic concerns, overshadowing positive housing data. "Given the underlying resilience and a gradual recovery in second and lower liners, there is a high chance that the KLCI can nudge higher towards 1672 and 1687 before a meaningful profit-taking consolidation emerges," says Hong Leong IB.