NEW YORK (CNNfn) - The Dow Jones industrial average fell for the sixth straight session Wednesday, tumbling more than 100 points as investors dumped stocks amid concerns that rising energy prices and the weaker euro may bring more revenue warnings.
"The price of oil and the weaker euro is absolutely having an impact," said Barry Hyman, chief investment strategist at Weatherly Securities. "This is a market searching for a reason to go higher but this is a core root economic problem that could exist and the market is quickly coming to the belief that there is no overnight fix."
 The Dow plunged 101.37 to 10,687.92. The blue chip index has fallen for six consecutive sessions and is down nearly 5 percent from the start of the month. Still, the index managed to trim its earlier 200-point loss, gaining back nearly 100 points by the end of the trading session.
But the Nasdaq composite index erased earlier losses as investors bet that technology stocks would show steady revenue growth for the quarter.
"There's a growing realization that technology is where earnings growth is going to show up. Investment spending drives earnings, and it's going to technology," said Kevin Caron, associate strategist at Gruntal & Co.
 The Nasdaq gained for its second straight day, rising 31.80 to 3,897.44. The index is still off 7 from the start of the month. The S&P 500 lost 8.56 to 1,451.34.
Market breadth was negative. On the New York Stock Exchange decliners outpaced advancers 1,666 to 1,143 as more than 1.1 billion shares were traded. On the Nasdaq, losers topped winners 2,360 to 1,646 as more than 1.7 billion shares changed hands.
Treasury securities were mixed, while the dollar was stronger against the euro but weaker versus the yen. In afternoon trading the euro hit a low of 84.39 cents, and now stands 28 percent below its launch price of $1.17 in January 1999.
Dow slips as oil rises
Rising oil prices could have a negative impact on revenue growth for energy-intensive companies such as Dow components aluminum maker Alcoa (AA: Research, Estimates) and automaker General Motors (GM: Research, Estimates). Alcoa shares lost $2.81 to $25.19 while GM shed 94 cents to $67.31.
"I would take oil as a front-burner issue," said Art Hogan, chief market analyst at Jefferies & Co. "Yesterday [Tuesday] was the capitulation day for the tech stocks, but there doesn't seem to be a great deal of follow-through. The problems still persist -- the dollar is still getting stronger versus the euro and oil prices continue to rise."
On the New York Mercantile Exchange, light sweet crude oil futures jumped 94 cents to $35.95 a barrel Wednesday afternoon. Prices have surged as high as $36.10.
Click here for a look at the entire energy sector
Bargain hunters sniffed out values in some technology leaders to help modestly boost the Nasdaq.
 Cisco Systems (CSCO: Research, Estimates) gained $1.12 to $63.12, Oracle (ORCL: Research, Estimates) rose 63 cents to $79.94, and Intel (INTC: Research, Estimates) jumped $2.69 to $63.06.
Still, analysts cautioned that the buying did not show any significant conviction.
"I don't see any reason for buying when there are so many questions about earnings," said Terence Gabriel, stock market strategist with IDEAglobal.com. "There's not a lot of resolve here and the market doesn't have a lot of zing to it."
But Tony Dwyer, chief market strategist at Kirlin Holdings, told CNNfn's Market Call that the pervasiveness of the negative sentiment could mean stocks have bottomed. (265K WAV) (265K AIFF).
Cautionary statements about corporate results still are expected to pour into the market, analysts said.
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In the latest warning, Sprint (FON: Research, Estimates) fell $1.44 to $26.81 after it warned that its earnings would reach only 45 to 47 cents a share for its fiscal third quarter. Analysts surveyed by earnings tracker First Call had forecast earnings of 49 cents a share, up from 41 cents a share a year earlier.
 Hurting the Dow, Citigroup (C: Research, Estimates) fell 69 cents to $53.56, and American Express (AXP: Research, Estimates) lost $1.81 to $58.
Still, select Dow components advanced. Boeing (BA: Research, Estimates) rose $2.88 to $59.63 after the aerospace manufacturer increased its estimate for 2000 cash flow to better than $4 billion from the previously estimated $3 billion-$4 billion.
Record trade deficit in July
The U.S. trade deficit hit another record in July, according to the Commerce Department, rising to nearly $31.9 billion, a bit higher than Wall Street economists had forecast.
The gap was driven by rising oil prices and a strong dollar, which increased the price of U.S. goods overseas and made imports more attractive to U.S. buyers. 
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