NEW YORK — Technology companies led the stock market to its third straight loss Thursday after an earnings report from Cisco Systems raised more questions about the economy.
A weekly employment report that was weaker than expected also made investors uneasy about the strength of the economic recovery.
The Dow Jones industrial average fell 59 points and has lost nearly 380 points in the past three days. The Dow also has fallen in five of the past six days.
The Nasdaq composite index had a steeper loss in percentage terms, a reflection of the drop in tech stocks.
Cisco released earnings after the market closed Wed nesday. Cisco is seen by many traders and analysts as an indicator of the economy’s health, and it disappointed investors in several ways. The computer-networking company’s revenue for its fiscal fourth quarter and forecast for revenue fell short of analysts’ expectations.
Investors are focused on the connection between revenue and the economy. If revenue is weak, that could be a sign that consumers are reluctant to spend and could start to affect companies’ profits.
The timing of Cisco’s report also was troubling. Craig Peckham, a market strategist at Jefferies & Co., noted that Cisco’s quarter ended in July, a month later than most companies, so it gives investors a first look at how businesses are doing in the July-September period.
Peckham said investors also reacted to comments by Cisco chief executive John Chambers, who said late Wednesday, “We think the words ‘unusual uncertainty’ are an accurate description of what’s occurring” in the economy. Chambers echoed the words of Federal Reserve chief Ben Bernanke last month.
Technology stocks were among the worst performers Thursday. Cisco was down 10 percent. Microsoft Corp. was down 1.5 percent, and Oracle Corp. fell 3 percent.
Investors generally have been selling since the stock market reached its 2010 peak in late April because they don’t have a sense of whether the recovery will hold. Some fear that the economy will fall back into recession because of high unemployment and weak consumer spending.
The Dow fell 58.88, or 0.6 percent, to 10,319.95. The Standard & Poor’s 500 index fell 5.86, or 0.5 percent, to 1,083.61. The Nasdaq composite index fell 18.36, or 0.8 percent, to 2,190.27.
