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Evening Business Brief

August 12, 2010, 6:34 PM

Evening Business Brief
Stocks fell for a third day in a row, pulled lower by weakness in the tech sector. The Dow Jones Industrial Average lost 58.88 points to close at 10,319.95. The Dow has now lost more than 300 points in the last two sessions. The Nasdaq composite Index lost 18 points while the S-and-P 500 was down almost six points.
  • BP has agreed to pay a record fine of more than $50 million. It stems from the company's failure to fix safety hazards at its oil refinery in Texas City, Texas. An explosion in 2005 killed 15 workers. OSHA is trying to collect another $30 million for other penalties that BP is contesting.
  • Oil prices dropped for a third straight day amid renewed concerns that a weak global economy means consumers will use less energy. Benchmark crude for September delivery fell $2.28 to settle at $75.74 a barrel.
  • Things continue to look up for General Motors.  The company is moving closer to a public sale of its stock. The company says it made $1.3 billion from April through June. That was its second straight quarter in the black. The CEO who helped the company bounce back, Ed Whitacre, says he's stepping down at the end of this month.
  • The dollar gained ground against other major currencies amid more reports of slowing economic growth. The jump was attributed to investors looking to put money in short-term U.S. Treasurys, seen as a safe place to park money. The dollar, however, lost ground against the Japanese yen.

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