U.S. stocks drop sharply on economic, financial woes

Date: Thu, 04 Sep 2008 12:03:03 -0400
U.S. stocks drop sharply on economic, financial woes

U.S. stocks tumble, with rising jobless claims data and weaker oil
prices further fueling concerns about slowing growth in the U.S. and
abroad, while fears about ailing financial firms remain.

Economic Report: Second-quarter productivity revised up, labor costs
revised down

The productivity of U.S. nonfarm businesses for the second quarter gets
revised higher by the Labor Department, to a 4.3% annualized rate, while
unit labor costs are revised down to a drop of 0.5%.

Futures Movers: Crude futures fall, remain below $110 on weak petroleum
demand

Crude-oil futures lose ground after a U.S. government report shows that
supplies of gasoline fell for a sixth week in a row, but less than
expected as demand for petroleum remains weak and storms in the Atlantic
pose no immediate threat to energy production in the Gulf of Mexico.

BP reaches deal to settle bitter Russian dispute

Oil giant BP announces the outline of an agreement to resolve a bitter
dispute over its half-owned Russian venture, TNK-BP, providing relief to
investors after months of wrangling.