Stocks slide as new doubts about Greek
aid emerge NEW YORK (AP) -- Stocks plunged around
the world Tuesday as fears spread that Europe's attempt to contain Greece's
debt crisis would fail. The euro fell to its lowest point against the dollar in
a year. The Dow Jones industrial average fell
225 points to 10,926.77, its biggest drop in three months. The slide erased a
143-point gain from Monday. The Dow and broader indexes each fell more than 2
percent. Treasury prices rose on increased demand for safe investments. Stocks have seesawed in the past week
as Europe's efforts to agree on a bailout package for Greece proceeded in fits
and starts. The market's plunge wasn't a surprise
to some analysts who have warned for weeks that stocks were due for a retreat. Greek bailout leaves markets
unconvinced ATHENS, Greece (AP) -- Angry Greek
unionists took to the streets Tuesday to protest harsh austerity measures
imposed under an international bailout to save Greece from looming bankruptcy,
while financial markets were far from assured that the 110 billion euros, or
$144 billion, in promised loans could douse Europe's smoldering sovereign debt
crisis. About 4,000 striking teachers and
students marched in Athens to protest the cuts, carrying black flags, while
some scuffled with police. Earlier, about 100 Communist Party supporters broke
through the gates of the Acropolis, the city's chief ancient monument, and hung
banners in Greek and English reading "Peoples of Europe Rise Up," to
the bemusement of tourists allowed in despite the disruption. Official says unconfirmed report of oil
at La. island MOBILE, Ala. (AP) -- An executive with
BP PLC is saying there has been an unconfirmed report of oil washing ashore on
a small Louisiana island. BP Chief Operating Officer Doug Suttles
said at a news conference Tuesday that more than 20 boats have been dispatched
to Chandeleur Island to look for the oil, but so far haven't been able to find
it. The Associated Press reported Thursday
that the oil washed ashore at the mouth of the Mississippi River along the
Louisiana coast. Officials are saying the weather has
improved significantly in the Gulf, allowing crews to lay more containment
equipment as well as repair the booms that were damaged in rough weather. Factory orders strengthen, home sales
contracts up WASHINGTON (AP) -- A surprisingly busy
month for U.S. factories and a surge in home buying are the latest signs that
the economic recovery is picking up. Orders to U.S. factories rose 1.3
percent in March, the Commerce Department said Tuesday. That was much better
than the 0.1 percent decline analysts had expected. Excluding the volatile
transportation sector, orders gained 3.1 percent, the biggest increase since
August 2005. A separate report showed that more
people signed contracts on previously owned homes in March than was expected.
The jump was in large part the result of tax incentives that have propelled the
housing market this spring. Pfizer, Merck top forecasts, give upbeat
new ones The world's two largest drugmakers,
Pfizer Inc. and Merck & Co., posted big revenue jumps but lower net income
for the first quarter, as they enjoyed new revenue from big rivals acquired
last year but absorbed billions in severance pay and other costs. Both companies beat Wall Street profit
expectations widely and edged out revenue expectations, partly due to favorable
currency exchange rates. Pfizer said it expects health law
changes including higher rebates for drugs bought through the Owner of sunken oil platform had safety
concerns DALLAS (AP) -- Transocean Ltd., which
owned the drilling rig that exploded in the Gulf of The company said in a regulatory filing
on April 1 that it eliminated the bonuses "to underscore the company's
commitment to safety" after four workers died in accidents in 2009
"and to increase the incentive for executive officers to promote ... the
avoidance of future fatal accidents." Less than three weeks later, the
company's Deepwater Horizon rig, which it leased to BP PLC, blew up and sank.
Eleven workers were killed and the accident spawned a huge oil spill that is
now endangering wildlife and businesses along the Gulf's coastline. CVS profit rises, mild flu season dents
sales NEW YORK (AP) -- CVS Caremark Corp.
said Tuesday its profit rose 4.5 percent in the first quarter, but said the
mild cold and flu season hurt its sales. CVS raised the low end of its profit
forecast for the year, pointing to its first-quarter results and confidence
about its performance for the rest of the year. But it reduced its revenue
expectations, saying total revenue will be equal or slightly lower than its
2009 results. It said that was because of the surprisingly mild flu season, which
has also hurt results for CVS' competitors. Geithner open to adding bank tax to
financial bill WASHINGTON (AP) -- Treasury Secretary
Timothy Geithner says he is open to including a new tax on large banks as part
of a bill that would overhaul the nation's financial regulations, but he will
defer to congressional leaders. The bank tax, which President News Corp. profit down but advertising
rebounds LOS ANGELES (AP) -- News Corp., the
media conglomerate controlled by Rupert Murdoch, said Tuesday that it is
benefiting from a rebound in the economy and the lingering glow of
"Avatar." News Corp. earned $839 million, or 32
cents per share, in the fiscal third quarter, which ended March 31. That marked
a 69 percent plunge in net income from a year earlier, when it recorded a huge
gain on the sale of its stake in a technology company. In the same period last
year the company had net income of $2.7 billion, or $1.04 per share. But News Corp.'s operating income,
which doesn't include the effects of the accounting charge, grew 55 percent to
$1.25 billion in the third quarter from $810 million a year earlier. FDA found bacteria in lots for recalled
Tylenol WASHINGTON (AP) -- Ingredients used by
Johnson & Johnson in some of the 40 varieties of children's cold medicines
recalled last Friday were contaminated with bacteria, according to a report by the
Agency officials said Tuesday none of
the company's finished products tested positive for the contaminants, though
such testing is not exhaustive. The FDA report, which was posted
online, lists more than 20 manufacturing problems found at the McNeil Consumer
Healthcare plant in Fort Washington, Pa., where the formulas were produced. The
recalled products include children and infant formulations of Tylenol, Motrin,
Zyrtec and Benadryl. By The Associated Press The Dow fell 225.06, or 2 percent, to
10,926.77, its lowest close since April 7. The Dow was down as much as 283
points at its low of the day. Benchmark crude for June delivery fell
$3.45, or 4 percent, to settle at $82.74 on the New York Mercantile Exchange
after setting an 18-month high. In other Nymex trading in June
contracts, heating oil fell 8.56 cents to settle at $2.2595 a gallon, and
gasoline lost 11.29 cents to settle at $2.3222 a gallon. Natural gas added 1.3
cents at $4.013 per 1,000 cubic feet. In London, Brent crude was down $3.27
to settle at $85.67 on the ICE futures exchange.