Dow posts seventh straight loss as oil slides below $40

Stocks fell Tuesday as traders absorbed earnings reports, a disappointing Japanese stimulus plan and personal income and spending data, while hard-hit oil prices closed below $40 per barrel for the first in more than three months.

The Nasdaq composite, S&P 500 and Dow Jones industrial average closed down 0.9%, 0.6% and 0.5%, respectively. The Dow slid more than 90 points to 18,314, its seventh straight loss.

The blue chips last had a seven-day losing streak back in August 2015.

Crude oil on the U.S. market had rebounded slightly in the morning to put a little distance above the $40 per barrel number — only to slip back below that level by the close of trading in the afternoon. WTI crude ended the day down 1.4% to $39.52.

The U.S. Bureau of Economic Analysis reported that personal income rose 0.2% in June, matching May's growth rate, while personal consumer spending rose 0.4%, also matching May's rate.

Earnings beats by consumer products conglomerate Procter & Gamble, pharmaceutical firm Pfizer and drug-store chain CVS Health provided reason for optimism.

But it has not been enough to overcome what Bespoke Investment Group called an "underwhelming" $274 billion stimulus plan authorized by Japan Prime Minister Shinzo Abe's cabinet to help prop up the country's economy.

Japan’s Nikkei 225 index slumped 1.5% to 16,391.45 on the news.

In Europe, German's DAX dropped 1.4%, France’s CAC 40 fell 1.6% and Britain’s FTSE 100 dropped 0.4%.

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.