The stock market continued its losses on Tuesday after Fannie Mae, D.R. Horton Inc. and Swiss bank UBS reported quarterly losses. We also recorded a new record for crude oil, $121.49.

The disappointing first-quarter results from the financial and homebuilding industries suggested to investors that a rebound in the economy and corporate profits later this year might not come as easily as many have hoped.

In recent weeks, stronger-than-expected results from companies outside the battered financial and housing sectors helped the stock market rebound late last week to levels not seen since early January.

In the first hour of trading, the Dow Jones industrial average fell 98.36, or 0.76%, to 12,871.18.

Broader stock indicators also dropped. The Standard & Poor's 500 index fell 9.54, or 0.68%, to 1,397.95, and the Nasdaq composite index fell 18.67, or 0.76%, to 2,445.45.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.81% from 3.87% late Monday.

D.R. Horton reported a quarterly loss of $1.3 billion and halved its dividend to 7.5 cents a share, while Fannie Mae posted a quarterly loss of $2.2 billion and said it would cut its dividend as well and raise $6 billion in capital. UBS reported a loss of nearly $11 billion and said it is reducing its work force by about 7 percent.

Gold climbed, while the dollar fell against most other major global currencies.

The Russell 2000 index of smaller companies fell 3.44, or 0.47%, to 720.91.