Business News

Gold at a 3-month high

The Federal Reserve starts a two day meeting this morning and is not expected to take any action on interest rates this meeting. However, there is hope central bankers will make some reassuring comments about market volatility and offer guidance on rate hikes. (Fox Business News)

Big bank AIG will return a minimum of $25 billion in capital to shareholders over the next two years, execute an IPO of its United Guaranty unit, and divest a number of other businesses. (CNBC)

Health giant Johnson & Johnson's sales fell 2.4% to $17.8 billion in the fourth quarter. Currency rates and slumping medical device sales continued to be a drag. Profits rose 18% to $3.2 billion. Excluding currency rates, revenue was up 1.8% renewed vitality in the Band-Aid segment. Medical device sales fell 8.7% for the year to $25.1 billion. (USA Today)

3M, maker of miracle products like Scotch tape and Post-it notes, reaffirmed its 2016 financial forecast of a 1% to 3% percent sales growth, excluding the impact of currency. The company cut about 1,500 jobs in the fourth quarter and took a pre-tax restructuring charge of $114 million. Profits fell to $1.04 billion, from $1.18 billion, a year ago. Sales fell 5.5% in the quarter. (Reuters)

Oil is flat at $30.27 a barrel.

Gold is up $7 at $1112 a Troy ounce. A three month high.

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