Stocks fall for a fourth day as tech profits slump - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Stocks fall for a fourth day as tech profits slump

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NEW YORK (AP) - Stocks are dropping for the fourth straight day following a profit slump at technology companies and a steep decline in oil prices.

The Dow Jones industrial average fell 83 points to close at 12,653 on Tuesday. The Standard & Poor's 500 was down 11 points at 1,341. It was the longest slump for the S&P since May 18.

The Nasdaq composite index fell 29 points to 2,902.

Chip maker Advanced Micro Devices fell sharply after reporting that a slowdown in China and Europe led to an 11 percent drop in second-quarter revenue.

Oil fell $2 to $84 a barrel. Major energy companies fell as a result.

Two stocks fell for every one that rose on the New York Stock Exchange. Volume was lighter than average at 3.4 billion shares.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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