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Down day on Wall Street... Oil prices drop... Alzheimer's costly for US

Wednesday - 4/3/2013, 6:38pm  ET

NEW YORK (AP) -- It's the Dow's worst day in more than a month. Weak reports on hiring and service industries sent the stock market sharply lower today. The Dow fell nearly 112 points, or 0.8 percent, to 14,550, its worst decline since Feb. 25. The Standard & Poor's 500 index dropped 16 1/2 points, or 1.1 percent, to 1,553. The Nasdaq composite fell 36 points, or 1.1 percent.

NEW YORK (AP) -- The price of oil is down. It notched the biggest one-day drop since November, as supplies in the U.S. reached the highest level since July 1990. Benchmark oil for May delivery dropped $2.74, or 2.8 percent, to close at $94.45 a barrel on the New York Mercantile Exchange. The last time oil fell by that much in a day was on Nov. 20.

PORTLAND, Ore. (AP) -- Investor desire for dividends dominated IPOs during the first quarter. That's according to research firm Renaissance Capital which says the IPO market was unremarkable by many measures -- 31 deals raised $7.6 billion in proceeds, in line with recent quarters. But dividend-paying IPOs made up 45 percent of all the deals, the highest percentage since the second quarter of 2008. IPO activity can be a signal of investor sentiment and economic conditions.

UNDATED (AP) -- A new study finds that Alzheimer's is the most expensive malady in the U.S., costing families and society $157 billion to $215 billion a year. The study -- by the nonprofit RAND Corp., estimates that around 4.1 million Americans suffer from dementia. Dementia's direct costs, from medicines to nursing homes, are $109 billion a year in 2010 dollars. That compares to $102 billion for heart disease and $77 billion for cancer.

WASHINGTON (AP) -- Congressional auditors say many workers are getting false or misleading information about options for their with 401(k) accounts when they change jobs. The Government Accountability Office found that financial firms often encourage workers to roll over a 401(k) into an IRA, even when that might not be the best option. The GAO report urges regulators to offer consumers clearer guidance about their retirement money.


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