Tech profit slump drives down stocks

Stocks fell for the fourth straight day Tuesday following 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 close at 12,653.12. Aluminum maker Alcoa Inc. was the biggest loser in the Dow, giving up 4.11 percent after reporting a slump in revenue late Monday.

The broader Standard & Poor's 500 index lost 0.81 percent 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 percent drop in second-quarter revenue. The company had previously forecast a gain of 3 percent. That news sent other technology stocks down hard.

The tech-heavy Nasdaq composite index dropped 1.0 percent to 2,902.33.

Before U.S. markets opened, European finance ministers announced 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.

Investors were concerned that some details seemed to be missing from the plan.

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

-- AP