Stocks sink for a fourth day as tech profits fall

Stocks fell for the fourth straight day Tuesday after a profit slump at technology companies and a steep decline in oil prices, which sent energy stocks sharply lower.

The Dow Jones industrial average fell 83.17 points to 12,653.12. Aluminum maker Alcoa was the biggest loser in the Dow, declining 4% after the firm reported a drop in revenue late Monday.

The broader Standard & Poor’s 500 index lost 10.99 points to 1,341.47. The index is in its longest slump since May 18.

Chip maker Advanced Micro Devices fell sharply after reporting that a slowdown in China and Europe led to an 11% drop in secondquarter revenue. The company had forecast a gain of 3%.

That news sent other technology stocks down hard. The tech-heavy Nasdaq composite fell 1%, the most of the three major indexes. It closed 29.44 points lower at 2,902.33.

The bad news outweighed hopeful developments in Europe. Before U.S. markets opened, European finance ministers announced that they had agreed on the terms of a bailout for Spain’s banks. The first installment of $37 billion in aid can be ready by the end of the month. But investors were concerned that some details seemed to be missing from the plan.

Also weighing on the market were worries about a slew of upcoming corporate earnings reports.