LONDON (ShareCast) - Leading US stocks tumbled for a second day as investors digested a mixed bag of company results and as oil prices surged close to a record $120 a barrel.

Crude prices have been cranked up by concerns about supplies, a weaker dollar and as the May contract comes to an end.

The Dow Jones fell 104 to 12,720, the S&P dropped 12 to 1,375 while the Nasdaq declined 31 points to 2,376.

Texas Instruments fell as the chipmaker reported better quarterly earnings, but predicted weaker than forecast numbers for the current quarter.

Elsewhere in the tech sector Apple’s good run came to an end after American Technology Research downgraded the shares to “neutral” from “buy”, suggesting the company will have to perform exceptionally well just to meet market expectations.

Blue chips chemicals giant DuPont beat sales and earnings estimates for the quarter, but the shares still fell, while telecoms firm AT&T’s in line results failed to ignite much interest.

Fast food titan McDonald’s thanked strong global sales and the weak dollar for its own forecast-beating figures. Investors had little appetite for the shares, however.

The share price of health insurer UnitedHealth was looking peaky after first quarter earnings per share came in below market expectations.

BJ Services fell after the oilfield services company disappointed the market with its second quarter earnings, which slumped to $127.3m, or 43 cents a share, from $188.9m (64 cents) a year earlier.

• News Channel