Posted: Jul 10, 2012 3:07 PM by Associated Press
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.
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