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Dow drops 364 points

Wednesday, January 13, 2016 - 01:09

U.S. stocks tumbled to levels not seen since September on nervousness over falling oil prices and U.S. earnings. Bobbi Rebell reports.

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A deep broad-based decline for stocks pushing the S&P 500 below 1,900 for the first time since September, and extending the year's sharp selloff. Nervousness over tumbling oil prices, and U.S. earnings causing real pain for the markets. A big weekly jump up in home loans couldn't reverse the tide. Evermore Global Advisors' David Marcus says, it's time to nibble on the dips. SOUNDBITE: DAVID MARCUS, CEO & PORTFOLIO MANAGER, EVERMORE GLOBAL ADVISORS (ENGLISH) SAYING: "We kind of think of this as more of, what I would call, a nibblers market, you take a small bite, because if tomorrow's another bad day you could take another bite." Investors applauded GM's 2016 outlook but not Ford's. GM raised its profit forecast for 2016. Ford says profit this year will be at least as high as last year's. It'll also issue a special $1 billion dividend. Microsoft fell even though Morgan Stanley upgraded the shares to "overweight" from "equal-weight" and hiked their price target. MetLife one of the top movers on the S&P 500. The life insurer plans to split off a part of its U.S. retail business. In Europe, shares eked out modest gains led by energy stocks. Germany's DAX finished just below the break-even line.

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Dow drops 364 points

Wednesday, January 13, 2016 - 01:09