After Market: Overseas Fears Shake Wall Street's Confidence

January is shaping up to be the market's worst month since the summer of 2012

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Trouble in emerging markets around the world continued to rattle confidence on Wall Street Wednesday. Economic uncertainty in countries like China, Turkey and Argentina was the dominant theme, and not even the Federal Reserve could ride to the rescue.

The Fed said economic activity across the country has picked up and the labor market continues to improve. It also voted to cut its bond buyback as planned by another $10 billion a month, as the long-awaited taper enters its second phase.

Wall Street
AP
The Dow Jones industrial average (^DJI) slid 189 points, its fifth triple digit decline this month. The Standard & Poor's 500 index (^GPSC) fell 18 points and the Nasdaq composite (^IXIC) lost 46.

This is shaping up to be the market's worst month since the summer of 2012. The S&P has tumbled nearly 4 percent so far in January.

Earnings remained the key driver for individual stocks. Boeing (BA) led the Dow's decline. The aerospace giant fell nearly 5 percent. Its net easily topped expectations, but the company offered disappointing guidance about this year. And AT&T (T) fell more than 1 percent. Its net was solid, but the company signed up fewer new subscribers than key rivals, Verizon (VZ) and T-Mobile (TMUS).

In the tech sector, Yahoo (YHOO) slid nearly 9 percent. Its advertising revenue, especially on mobile platforms, was very disappointing. Apple (AAPL) fell another 1 percent, adding to Tuesday's big loss on a sales miss. And Cirrus Logic (CRUS), a key supplier of iPhone components, dropped another 8 percent. Its net fell sharply from a year ago.

The spice maker McCormick (MKC) lost 6 percent as its net fell; battery maker Energizer (ENR) dropped 6 percent; and Tupperware (TUP) lost 5 percent on a disappointing forecast.

There were some winners, too. Dow Chemical (DOW) jumped 4 percent as it posted a profit versus a year ago loss and raised its outlook. Marathon Petroleum (MPC) also rose 4 percent on an earnings beat. And Ezcorp (EZPW) jumped 20 percent on strong sales at its pawn shops.

What to Watch Thursday:
  • At 8:30 a.m., the Labor Department releases weekly jobless claims at 8:30 a.m. Eastern time, and the Commerce Department releases fourth-quarter gross domestic product.
  • At 10 a.m., the National Association of Realtors releases pending home sales index for December, and Freddie Mac releases weekly mortgage rates.
These major companies are due to report quarterly financial results:
  • 3M (MMM)
  • Altria Group (MO)
  • Amazon.com (AMZN)
  • Beazer Homes (BZH)
  • Chipotle Mexican Grill (CMG)
  • Eli Lilly (LLY)
  • Exxon Mobil (XOM)
  • Google (GOOG)
  • Harley-Davidson (HOG)
  • Hershey (HSH)
  • Overstock.com (OSTK)
  • PulteGroup (PHM)
  • Ryland Group (RYL)
  • Royal Dutch Shell (RDS-A) (RDS-B)
  • Time Warner Cable (TWC)
  • United Parcel Service (UPS)
  • Viacom (VIA)
  • Visa (V)
  • Whirlpool (WHR)
-Produced by Drew Trachtenberg.


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k4jlp

Wake up you bunch of SHEEP. Your Congress (both Democrap and Repuke) have sold you out to Corporate America for profits. It does not matter that wages are and have been STAGNANT. All that matters to them is Lobby money and the "promise" of a high paying job after their term ends. Food, insurance, clothes, housing, healthcare (high deductables) all are up for no reason other than GREED. So all you young people go back to your Box of X and pretend everything is ok.....

January 30 2014 at 8:02 AM Report abuse rate up rate down Reply
Iselin007

Notice it\'s called Free Trade only when they don\'t have to pay living wages for the labor!

January 30 2014 at 2:52 AM Report abuse +2 rate up rate down Reply
jwmgrand

The tried the dead cat bounce fake yesterday .... but some knew better then to take the bait ... the party is over .... Retail is dead ... Insurance costs are up ... and we have not seen those Massive Heating bills hit the consumer yet .... not to mention way overpriced stocks ... heading straight to the Barber shop for massive haircuts ........

January 29 2014 at 11:17 PM Report abuse +1 rate up rate down Reply
Iselin007

Investing over seas to keep the American workers poor or unemployed is Anti-American.

January 29 2014 at 10:49 PM Report abuse +5 rate up rate down Reply
Iselin007

Unfair to Rocky and Bulwinkle. Even the cartoonist knew what was happening to this country's blue collar workers.

January 29 2014 at 10:41 PM Report abuse +2 rate up rate down Reply
Iselin007

I watched a documentary on Detroit Michigan tonight on WLIW21. The story is about the down fall and bankruptsy of the city due to the lost of manufacturing caused by unfare trade. American workers built their standard of living up so now satanic 1% use lowbidding via third world low standards to bust the USA.

January 29 2014 at 10:30 PM Report abuse +6 rate up rate down Reply
betty_brock

I've been off the board for an hour and looney libs are still trying to get a rise out of me. They are sooooo pathetic.

January 29 2014 at 9:59 PM Report abuse -2 rate up rate down Reply
1 reply to betty_brock's comment
pdbliz

B--B.......THEY KNOW YOU ARE RIGHT.!!!

January 29 2014 at 10:01 PM Report abuse -1 rate up rate down Reply
pdbliz

Did you guys see OBAMAS nose grow last night..

January 29 2014 at 9:58 PM Report abuse +1 rate up rate down Reply
betty_brock

Libs are such heathens. No wonder they love Communism.

January 29 2014 at 9:57 PM Report abuse -1 rate up rate down Reply
pdbliz

Every time the ,,GREAT ONE ,,speaks,,,,,,,,,,,Markets Fall.!!!!

January 29 2014 at 9:57 PM Report abuse -1 rate up rate down Reply