Business News

As Oil Goes, So Go Stocks

It is Ground Hog Day and the market like the movie is the same thing over and over. As go the price of oil so goes stocks.  This morning that is down.  

The US consumer is not doing too bad.  Consumer spending was unchanged in December after rising 0.5% in November. Consumer spending increased 3.4% in 2015. (Commerce Department)

Wages and salaries increased 4.5% in 2015 the largest increase since 2012. Income at the disposal of households after accounting for inflation in 2015 recorded its biggest increase since 2006. (Commerce Department)  

Savings surged to $753.3 billion in December, the highest level since December 2012. (Commerce Department)

U.S. construction spending rose in December 0.1% as spending on nonresidential structures recorded its biggest drop since 2013. Construction outlays increased 10.5% in 2015, the biggest rise since 2005. (Bloomberg)

Toy maker Mattel beat expectations on profits and sales, helped by the first quarterly sales increase in more than two years on renewed popularity for Barbie and Hot Wheels. (CNBC)

As the consumer makes the transition to more efficient LED light bulbs, General Electric will stop selling compact fluorescent lamp bulbs in 2017. (Gizmodo)

The S&P 500 is down 15 and the NASDAQ is down 17. The MSCI international index is down.

Oil is down 75 cents at $30.75 a barrel.

Gold is down $3 at $1125 a Troy ounce.

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