NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Tuesday, April 16.
Dow falls more than 200 points after Boston explosions
A sell-off in stocks accelerated Monday afternoon following the news of explosions at the Boston Marathon. The Dow Jones industrial average, which had been in the red all day, fell 266 points, or 1.8%. About 120 points of that drop took place following the reports of the explosions in Boston.
CEOs earn 354 times more than average worker
Chief executives of the nation's largest companies earned an average of $12.3 million in total pay last year -- 354 times more than a typical American worker, according to the AFL-CIO.
The average worker made $34,645 last year, according to the group that represents over 50 trade unions.
Ford and GM team up on 9-speed transmission
Ford and General Motors announced Monday that they are teaming up to design new nine-speed and 10-speed transmissions for use in a variety of vehicles, a move aimed at improving fuel efficiency for the rivals' vehicles.
Report: Microsoft is making a smartwatch, too
Microsoft is working on a touch-enabled smartwatch, reports The Wall Street Journal. Citing unnamed supply chain sources, The Journal claims that Microsoft asked Asian suppliers to ship components for the device. If the reports are true, it would be joining the likes of Apple, Samsung, Google, and others looking to capitalize on a forecasted boom in wearable electronics. Microsoft has so far refused to comment on the rumors.