TWO BAD REPORTS: Alcoa beat Wall Street earnings estimates but cut its demand expectation for the year, mostly because of a slowdown in China. Chevron said slumping oil prices and production would hurt its earnings.

STOCKS FALL: The Dow Jones industrial average, which includes both companies, fell 128 points. Other major averages still declined, but not as much on a percentage basis.

WAL-MART GREETS A RECORD: Wal-Mart Stores surged $1.28 to $75.42 and touched an all-time high, $76.81. An executive told analysts that the retail giant plans to open more small stores to compete with discount retailers and drugstore chains.