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Stocks tumble...Crude prices fall sharply...Takata: fewer faulty air bags than previously thought

By The Associated Press | Posted - Sep. 1, 2015 at 4:01 p.m.



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NEW YORK (AP) — Markets have again turned turbulent on fresh signs of weakness in the Chinese economy. U.S. stocks sank 3 percent, their third-worst drop this year. The two bigger falls happened in the past two weeks. The Dow dropped 469 points to 16,058. The S&P 500 fell 58 points to 1,913. The Nasdaq slid 140 to 4,636. Oil prices also fell sharply as traders worried that China's weakening growth would mean lower demand for crude. U.S. oil sank almost 8 percent.

NEW YORK (AP) — Energy company ConocoPhillips, which has already cut 1,000 jobs this year, says it will eliminate around 1,810 more positions following a plunge that took oil prices to their lowest levels in years. The company says it's eliminating 10 percent of its workforce. The biggest proportion of the job cuts will be in North America, with 500 positions eliminated at ConocoPhillips' base in Houston.

DETROIT (AP) — Federal regulators have lowered their estimate of potentially defective Takata Corp. air bags on U.S. roads. The National Highway Traffic Safety Administration says approximately 23.4 million driver and passenger air bag inflators on 19.2 million vehicles are being recalled and need to be replaced. That's lower than its initial estimate of 34 million inflators. The agency says some air bags from multiple recalls were counted twice.

LOS ANGELES (AP) — The U.S. Olympic Committee has named Los Angeles as its candidate for the 2024 Games. The move replaces Boston's soured bid and marks a comeback for LA's dream of becoming a three-time Olympic host. The International Olympic Committee will pick the host city in 2017. Rome, Paris, Hamburg, Germany, and Budapest, Hungary, are being considered as well.

INDIANAPOLIS (AP) — Prosecutors say the ex-director of former Subway spokesman Jared Fogle's foundation has agreed to plead guilty to 12 counts of child exploitation and one count of distributing and receiving child pornography. According to the plea deal, 44-year-old Russell Taylor cannot ask for a sentence of less than 15 years in prison and prosecutors can ask for a sentence of up to 35 years. Prosecutors say the child pornography count stems from a conspiracy with Fogle, who also faces child sex and pornography charges.

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The Associated Press

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