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Stocks drop...Oil down in NY, up in London... GM credit rating returns to investment grade

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NEW YORK (AP) — A swoon in technology stocks is leaving the market with its worst drop since July. Apple sank nearly 4 percent after the company pulled a software update for the iPhone after user complaints. The Dow slumped 264 points, or 1.5 percent, to 16,945. The S&P 500 fell 32 points, or 1.6 percent, to 1,966. And the tech-heavy Nasdaq fell 88 points, or 1.9 percent, to 4,466.

NEW YORK (AP) — The price of oil is down slightly in New York on ample global supplies. Benchmark U.S. crude fell 27 cents today to close at $92.53 a barrel on the New York Mercantile Exchange. But Brent crude, a benchmark for international oils used by many U.S. refineries, rose 5 cents to close at $97.00 on the ICE Futures exchange in London.

DETROIT (AP) — Standard & Poor's has returned General Motors to investment grade after rating it junk for nearly a decade. The firm upgraded GM's corporate credit rating today one notch to "BBB-" — its lowest investment grade — from "BB+." S&P says it expects GM will sustain its improving profits in North America and achieve profitability in Europe soon. It also noted GM's strong sales in China.

BEAVERTON, Ore. (AP) — Nike Inc. is reporting fiscal first-quarter net income of $962 million. The Beaverton, Oregon-based company said it had profit of $1.09 per share. The results beat Wall Street expectations. The athletic apparel maker posted revenue of $7.98 billion in the period, which also topped Street forecasts.

WASHINGTON (AP) — The jobless numbers are up. The number of people seeking unemployment benefits has increased after falling sharply two weeks ago. The government reports weekly unemployment benefit applications rose by 12,000 last week to a seasonally adjusted 293,000. Yet the four-week average fell for the second straight week to 298,500.

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