April 12th, 2011
10:43 PM ET

Dow drops 118 points

Some highlights of the day's business news:

Stocks dragged down by oil and Alcoa

U.S. stocks finished lower Tuesday, with all three major indexes losing about 1%, as a 3% drop in oil prices sparked a sell-off in energy stocks and Alcoa's sales disappointment weighed down the Dow.

Investors also were on edge after Japanese officials raised the threat level at the Fukushima nuclear plant to the same as the 1986 incident at Chernobyl, in what was then the Soviet Union.

"Some people wanted to forget the nuclear threat in Japan, but it popped back up and worsened overnight," said Joe Saluzzi, co-head of equity trading at Themis Trading. "There are a lot of headwinds in the market, and on a day like today, investors are waking up and taking notice of all of them."

The Dow Jones industrial average dropped 118 points, or 1%, dragged down by a 6% drop in Alcoa's stock. The aluminum giant reported disappointing sales late Monday as it kicked off the first-quarter earnings season.

Ceglia says Facebook e-mails show he owns 50%

Paul Ceglia, a New York resident who sued Mark Zuckerberg last year for 50% ownership of Facebook, has re-filed his complaint with e-mails that he says prove his case.

The amended complaint, filed Monday in New York district court, alleges that Ceglia and Zuckerberg signed a contract in April 2003 that gives Ceglia half ownership of what is now Facebook.

The "work for hire" contract that Ceglia filed as evidence says he paid Zuckerberg $1,000 for development work on a site called StreetFax, and $1,000 for work on the site "the Face Book," which Zuckerberg had already started.

The alleged contract also says that Ceglia would own 50% of the "software, programming language and business interests" of Facebook. That contract was included in Ceglia's suit from 2010.  Ceglia re-filed the suit on Monday with high-profile law firm DLA Piper, and he included several alleged e-mails between him and Zuckerberg from July 2003 to July 2004. The amended complaint was first reported by Business Insider.

- CNNMoney.com reporters Hibah Yousuf and Julianne Pepitone contributed to this report.


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Filed under: Business • Economy
soundoff (11 Responses)
  1. ska rules


    April 12, 2011 at 10:45 pm | Report abuse |
  2. No betsor regrets

    Alright.. Excellent ! Our risk averse investors and Asian Buddhista traditional bondage partners are pleased. "if it aint broke.. Dont fix it." Oil stocks keep us warm all year long. Now.. About South African investment of employment 20 years later. IS THERE SOME PARALLEL TO THE GOOD TIMES OF THE BUSH CLINTON YEARS?

    April 13, 2011 at 4:03 am | Report abuse |
  3. bernie madoff

    I like JPMorgan/Chase and Citigroup. Who do you like?

    April 13, 2011 at 4:33 am | Report abuse |
  4. Nigerian official

    I like Halliburton, and for the same reasons.

    April 13, 2011 at 4:35 am | Report abuse |
  5. Nigerian

    I like food.

    April 13, 2011 at 4:38 am | Report abuse |
  6. madoff victim

    Me too. And for the same reasons.

    April 13, 2011 at 4:39 am | Report abuse |
  7. Joey

    Brokers will not lose money.

    April 13, 2011 at 7:24 am | Report abuse |
  8. banasy

    Brokers never go broke. Just the investers.

    April 13, 2011 at 8:34 am | Report abuse |
  9. Philip

    Brokers depend on the market going up and down, and so manipulate it whenever the fed or the Bank for International Settlements allow. And true that banasy, the avg. investor has lost money on the market some 17 years in a row now. Good thing they had enough left-over to bail out Wall street banks. (actually, the gov. only accounted for a small percentage of the bailouts. The Federal Reserve accounts for the lions share of monies funneled to the poor banks.

    April 13, 2011 at 2:57 pm | Report abuse |
  10. Philip

    And if you think that the Federal Reserve/Central Bank's located in the USA are part of the American government, think again. All of the world's central banks follow the directions of the Bank for International Settlements...NOT any government, and is why none of them get ausited by any government. They don't take orders from politicians.

    April 13, 2011 at 3:03 pm | Report abuse |
  11. Philip

    "audited" rather. Neither our own nor any of the world's federal reserves/central banks have ever been publicly audited. Here in our own country, each and every year, for decades, Congress has refused to have the Federal Reserve audited. Both democrat and republican's agree: If there's a budget crisis, the last thing you want is an audit. Wonder why.

    April 13, 2011 at 3:39 pm | Report abuse |