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Tuesday Evening Business Brief

March 6, 2012, 6:33 PM

Tuesday Evening Business Brief

Stocks suffered their biggest losses in three months. The Dow fell 204 points, or 1.6 percent, to 12,759. The S&P was down 21 points, while the Nasdaq lost 40 points.

• The price of oil slipped $2.02 to $104.70 per barrel on the New York Mercantile Exchange. New York crude has risen from $96 last month amid fears of a disruption in global oil supplies driven by the potential for military conflict with Iran.

• A federal jury in Houston has convicted Texas financier R. Allen Stanford of running a $7 billion Ponzi scheme.  Jurors found Stanford guilty on 13 counts. Prosecutors say Stanford orchestrated a 20-year scheme that took billions through the sale
of certificates of deposit from his Caribbean bank.

• A group of expert hackers who attacked governments and corporations around the globe has been busted. Its alleged ringleader - one of the world's most-wanted and most-feared computer vandals - turned against his comrades and secretly became an informant for the FBI months ago. 

• Apple is expected to reveal a new iPad model tomorrow. Apple's success with the iPhone and iPad has earned it the distinction of being the most valuable company in the world, as measured by the value of its stock.

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