Stocks fall for a fourth day as tech profits slump

1:02 PM, Jul 10, 2012   |    comments
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NEW YORK (AP) - Stocks dropped 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.

The Associated Press

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