Stocks are much lower this morning as oil is tanking, following yesterday’s rally on Wall Street. The S&P 500 and Nasdaq are in a correction territory, down more than 10% from last summer’s high. Asian stocks ended sharply lower overnight, erasing early gains. Chinese stocks lost 3.5%, moving into a bear market, down more than 20%. (CNBC)
Oregon’s largest employer Intel, sold more data center and mobile chips in the fourth quarter, as it makes steady progress diversifying away from a slowing PC market. The chipmaker made a $3.6 billion in profit, during the quarter. Revenue rose 1%, to $14.9 billion. (USA Today)
Wells Fargo, the world’s largest bank by market value, posted a quarterly profit of $5.71 billion unchanged from last year. Revenue climbed about 1% to $21.6 billion. (Bloomberg)
JPMorgan Chase fourth-quarter profits climbed 10% to $5.43 billion as expenses from litigation and employee compensation shrank. (Bloomberg)
Join us Saturday at 10 for Financial Focus radio as we share with you how to respond to the 2016 market sell off.