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Midweek meltdown for stocks

Wednesday, January 06, 2016 - 01:15

Stocks sell-off as crude oil drops to its lowest level since 2008. Concerns about North Korea and China, as well as Apple stock, also weigh on the markets. Bobbi Rebell reports.

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Stocks resumed their steep slide. Triggering it: North Korea's announcement it had tested a hydrogen bomb, concerns over China's slowdown, and tumbling oil prices. Investors brushed aside the Fed minutes that showed policymakers had some inflation concerns when they voted to hike interest rates last month. Meridian Equity Partners' Jonathan Corpina: SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS (ENGLISH) SAYING: "I think there's still a pretty good fear that's in this market in the beginning trading sessions of the year so far." Facebook bucking the downdraft. CEO Mark Zuckerberg said his company will start shipping its virtual reality headset, Oculus Rift, at end of March. Price $599. Apple shares sliding amid more signs of a slowdown in iPhone demand. A source says phone assembler Foxconn will cut working hours during the week-long Lunar New Year holiday. More headaches for Chipotle. The burrito chain was handed a grand jury subpoena in connection to a criminal probe over a norovirus outbreak at its stores. Mixed economic data: Private employers hired workers at a brisk clip last month. But the services sector weakened. And imports fell in November. Worries over Chinese growth also pushed European stocks down to a three-week low.

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Midweek meltdown for stocks

Wednesday, January 06, 2016 - 01:15