Business News

The Bears Roar Some More

Stocks are dropping this morning, as oil prices sink another 3% and have traded below $28 per barrel, hitting lows not seen since September 2003.  The S&P 500, and Nasdaq remain in correction territory after closing flat yesterday in a volatile session. The S&P 500 is just above the August 2015 correction low of 1,867. (CNBC & Reuters) 
U.S. Treasury yields are lower this morning, with the 10-year yield falling below the 2% for the second time since last week, trading back to October 2015 lows. (Reuters) 
IBM is forecasting weak earnings in 2016 after reporting an 8.5% fall in fourth-quarter revenue as a strong dollar weighed on results. The company receives more than half its revenue from markets outside the United States. The strong dollar carved off $7 billion from IBM's 2015 revenue and reduced its profit by $300 million in the fourth quarters.  As of Tuesday's close, IBM's shares had fallen 18.5% in the past 12 months. (Reuters)
Goldman Sachs reported a fourth-quarter profit of $765 million.  Revenue was $7.27 billion in the quarter. The results surpassed Wall Street expectations. Goldman shares have decreased 13% since the beginning of the year. (AP)
The S&P 500 is down 29 and the NASDAQ is down 74. The MSCI international index is down 2.66%. 
Oil is down 81 cents at $27.65. 
Gold is up $11 at $1100 a Troy ounce.

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