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March 07, 2012 06:27 AM

Wednesday Morning Business Brief

Stocks suffered their biggest drop of the year in Tuesday trading. The Dow fell 204 points, or 1.6 percent, finishing at 12,759. The S&P was down 21 points, while the Nasdaq lost 40. Futures trading suggests a higher opening.

  • International stock markets were mostly lower today as jittery investors awaited a deadline for Greece to get sufficient support from its private creditors for a debt reduction deal or face default. The losses came a day after Wall Street had its first big stumble of 2012. Benchmark crude oil rose above $105 per barrel while the dollar fell against the yen and the euro. 
  • On today's economic calendar, the Labor Department reports on fourth-quarter productivity and unit labor costs, both revised for the fourth quarter of 2011. Later, the Federal Reserve reports on use of consumer credit in January.
  • The rumor mill has been working overtime leading up to today's Apple announcement. It's expected to unveil a new version of the iPad. According to one account, of all the tablet computers shipped last year, more than 6 in 10 were made by Apple.
  • A rolling strike by Greek prison guards won't affect security but it will stop prison visits and transfers. They're protesting income cuts and crowded conditions. Police unionists are occupying their social security fund building, calling for greater transparency. Their union has refused to participate in a voluntary bond swap Greece needs to lighten its debt load.
  • Business
  • Economy/Stocks

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