Wall St slides on economy worries

By Angela Moon

NEW YORK (Reuters) - The Dow dropped more than 200 points on Tuesday, handing Wall Street its worst day in three months on renewed fears of a disorderly default in Greece and concerns that China's slowdown would hit global growth.

Analysts have expected a pullback for weeks, citing an overstretched market. Despite the day's decline, the S&P 500 is still up almost 7 percent for the year. If fourth-quarter gains are included, the benchmark index is still up almost 20 percent since September 30.

Wall Street's anxiety gauge, the CBOE Volatility Index or VIX <.VIX>, jumped about 16 percent to near 21, rising above its 50-day moving average for the first time since November. About 10 stocks fell for every one that rose the New York Stock Exchange, with bank and miner shares among the top decliners.

Equities' recent rally has continued without a substantial pullback since December, supported in part by expectations that Europe's credit crisis would be contained and China's economy could avoid a hard landing.

"It might be just time we have a bit of a pullback here as this market begins to reassess what the future growth prospects for the year look like," said Burt White, managing director and chief investment officer at LPL Financial in Boston.

The Dow Jones industrial average (DJI:DJI) slid 203.66 points, or 1.57 percent, to close at 12,759.15. The Standard & Poor's 500 Index (MXP:SPX) dropped 20.97 points, or 1.54 percent, to 1,343.36. The Nasdaq Composite Index (NAS:COMP) fell 40.16 points, or 1.36 percent, to end at 2,910.32.

It was the Dow's first drop of more than 200 points since November 23. The last time the S&P 500 fell more than 1 percent was in late December.

Apple Inc shares fell, but outperformed the broader market after volatile swings in recent days. The stock closed down 0.5 percent at $530.26 on Tuesday.

Europe's downturn appeared ready to turn into a full-fledged recession due to a collapse in household spending, exports and manufacturing in the final months of 2011, the European Union said.

Brazil's gross domestic product expanded by a meager 2.7 percent in 2011, data showed Tuesday, adding to concerns after China cut its growth outlook earlier in the week. Expected growth in emerging markets has been a main catalyst for equities' gains.

A group representing Greek bondholders warned a default could cause more than 1 trillion euros ($1.3 trillion) of damage to the region. Creditors have until Thursday night to accept a bond swap in which they would lose almost three-quarters of the value of their bonds.

As part of a reassessment of possible collateral damage if the Greek deal with private debt holders collapses, traders sold the stocks of large banks on concern about their exposure to Greece.

The S&P financial sector index <.GSPF> dropped 2.5 percent and the KBW bank index <.BKX> fell 2.7 percent. Morgan Stanley (NYS:MS) lost 5.3 percent to $17.32.

Greece has no plans to extend the deadline on its bond-swap offer to private creditors, officials said, dismissing market rumors that the date may be changed to increase participation in the offer.

Basic materials stocks also tumbled as commodity prices fell, pressured further by a stronger U.S. dollar.

Aluminum producer Alcoa Inc (NYS:AA) lost 4.1 percent to $9.47 and Freeport-McMoRan Copper & Gold Inc (NYS:FCX) fell 2.5 percent to $39.44.

Utilities, a traditional defensive play, were the best-performing S&P sector during Tuesday's slide. An S&P utility sector index <.GSPU> ended the day down 0.5 percent.

Volume was slightly heavy with about 7.6 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, above the daily average of 6.9 billion.

(Reporting By Angela Moon; Additional reporting by Caroline Valetkevitch; Editing by Jan Paschal)

Source: http://finance.yahoo.com/news/wall-street-slips-china-trims-010321167.html

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Djokovic, Federer into quarterfinals at Dubai

Roger Federer of Switzerland celebrates defeating Feliciano Lopez of Spain during the Emirates Dubai ATP Tennis Championships in Dubai, United Arab Emirates, Wednesday, Feb. 29, 2012. (AP Photo/Hassan Ammar)

Roger Federer of Switzerland celebrates defeating Feliciano Lopez of Spain during the Emirates Dubai ATP Tennis Championships in Dubai, United Arab Emirates, Wednesday, Feb. 29, 2012. (AP Photo/Hassan Ammar)

Roger Federer of Switzerland celebrates defeating Feliciano Lopez of Spain during the Emirates Dubai ATP Tennis Championships in Dubai, United Arab Emirates, Wednesday, Feb. 29, 2012. (AP Photo/Hassan Ammar)

Roger Federer of Switzerland returns the ball to Feliciano Lopez of Spain during the Emirates Dubai ATP Tennis Championships in Dubai, United Arab Emirates, Wednesday, Feb. 29, 2012. (AP Photo/Hassan Ammar)

Feliciano Lopez of Spain reacts after he lost a point against Roger Federer of Switzerland during the Emirates Dubai ATP Tennis Championships in Dubai, United Arab Emirates, Wednesday, Feb. 29, 2012. (AP Photo/Hassan Ammar)

Novak Djokovic of Serbia returns the ball to Sergiy Stakhovsky of Ukraine during the Emirates Dubai ATP Tennis Championships in Dubai, United Arab Emirates, Wednesday, Feb. 29, 2012. (AP Photo/Hassan Ammar)

DUBAI, United Arab Emirates (AP) ? Novak Djokovic and Roger Federer each won in straight sets Wednesday to advance to the quarterfinals of the Dubai Tennis Championships.

Djokovic beat Sergiy Stakhovsky of Ukraine 7-6 (5), 6-3, while Federer defeated Feliciano Lopez of Spain 7-5, 6-3.

Andy Murray of Britain also reached the final eight with a 6-3, 6-4 win over Marco Chiudinelli of Switzerland, as did Russia's Mikhail Youzhny, who beat American Mardy Fish 6-2, 7-6 (0).

The top-ranked Djokovic, seeking his fourth consecutive title in Dubai, wasn't at his best for a second straight match after struggling against Cedrik-Marcel Stebe in the opening round. The Serb hadn't played in a tournament since winning the Australian Open.

Stakhovsky was 4-3 up in the first-set tiebreaker, but two costly unforced errors let Djokovic off the hook, and he took the set when the Ukrainian hit a forehand long.

Djokovic was down 3-1 in the second but won five straight games to set up an all-Serbian match against Janko Tipsarevic, who beat Flavio Cipolla of Italy 6-7 (2), 6-1, 6-1.

"The difference between the top players and maybe the lower-ranked players is actually those moments," Djokovic said of his comeback. "And managing to keep your composure and cope with the pressure and just focus, have an extra focus, mental strength."

Federer broke Lopez in the final game to end a tight opening set. The second set was more routine, with the Swiss breaking the Spaniard for a 5-3 lead before closing the match with a volley from the net.

Federer, who was beaten in the Dubai final last year by Djokovic, is going for his fifth title and second in 2012 after winning in Rotterdam.

"It was tough getting used to his serve early on. I wasn't having many looks ? he was serving aces left and right," said Federer, who won 92 percent of his points on first serve.

In a reprise of the 2007 final, Federer will next face Youzhny, whom he has never lost to in 11 meetings.

Fish's loss was another setback to what has already been a disappointing start to 2012.

After replacing Andy Roddick as the top-ranked American last year, Fish has struggled. He lost in the second round of the Australian Open and was beaten by 388th-ranked Albano Olivetti in the Marseille quarterfinals last week. He did, however, help the United States rout Switzerland 5-0 in the Davis Cup.

"It's no disgrace to lose to someone like him, but it's frustrating to lose," Fish said. "I had a rough trip, last couple of matches did sting a little bit going into Indian Wells and Miami."

Murray broke Chiudinelli early in the first set and moved him around the court with ease. The second set was closer as both players held serve for the first eight games. But Murray broke to lead 5-4, winning the match on a powerful serve Chiudinelli couldn't return.

Murray will play fifth-seeded Tomas Berdych, who beat Lukas Lacko of Slovakia 6-1, 6-2.

In the late match, fourth-seeded Jo-Wilfried Tsonga beat Lukas Rosol of the Czech Republic 6-3, 6-4. He will play eighth-seeded Juan Martin del Potro, who beat Andrey Golubev of Kazakhstan 6-4, 6-2.

___

Follow Michael Casey on Twitter at http://twitter.com/mcasey1

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-02-29-TEN-Dubai/id-4965b963d324489b9e8af1d92e04196e

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NSA Agents Will Make All Their Private Calls with a Fishbowl [Security]

The National Security Agency, America's eyes and ears, constantly deals with highly-sensitive data. Problem is, discussing that data over unprotected airwaves represents a huge security risk, often requiring agents to communicate in code. That's why the Agency has developed its own super-secure Android handset. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/ANK8SjbNgTo/nsa-agents-will-make-all-their-calls-with-a-fishbowl

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