Stocks post losses for 4th week in row

NEW YORK - Stocks yesterday hit their longest losing streak since the spring rally began in early March.

The Dow Jones industrials and the Standard & Poor's 500 index have now fallen four straight weeks.

Alcoa Inc. kicked off the second-quarter earnings season with better-than-expected results Wednesday, but a warning from Chevron Corp. late Thursday put investors back on the defensive. Alcoa and Chevron are among the 30 stocks of the Dow.

The Dow fell 36.65, or 0.5 percent, to 8,146.52. The broader S&P 500 index lost 3.55, or 0.4 percent, to 879.13, while the Nasdaq composite index rose 3.48, or 0.2 percent, to 1,756.03. Upgrades to technology shares helped shore up the Nasdaq.

For the week, the Dow lost 1.6 percent, the S&P 500 index slid 1.9 percent and the Nasdaq lost 2.3 percent.

Oil producers fell sharply yesterday after Chevron said its refining margins fell in the second quarter and would send its results for the period much lower compared with last year.

In another blow to energy stocks, the price of crude oil resumed its descent yesterday after a slight pop Thursday. Investors see the plunge in oil prices as a weak indicator for the economy.

A barrel of crude fell 52 cents to settle at $59.89 on the New York Mercantile Exchange.

Chevron shares fell $1.68, or 2.7 percent, to $61.40. Exxon Mobil Corp. fell 85 cents, or 1.3 percent, to $65.12.

The market did get one piece of decent news yesterday: The Commerce Department said the U.S. trade deficit narrowed to $26 billion in May, the lowest level in more than nine years.