Dow Jones Industrial Average Falls 208 Points On Mixed Earnings

  • Stock Market Today: All 10 major S&P sectors were in the red this afternoon with energy stocks leading the way. Crude oil prices fell again on concerns of oversupply on the global markets. This morning, Iraq's oil ministry announced the nation had hiked its December output to all-time highs, while Indonesia's OPEC governor said he does not expect the world's largest oil cartel to reduce its record output any time soon. March WTI crude prices fell by 5.8% to settle at $30.34. Meanwhile, Brent crude – priced in London – dipped 5.2% to close at $30.50 per barrel. Shares of Chevron Corp. (NYSE: CVX) and Exxon Mobil Corp. (NYSE: XOM) were off 3.2% and 3.3%, respectively. Shares of ConocoPhillips (NYSE: COP) fell more than 9% after the company announced plans to slash its dividend by 75%. Here's a thorough recap of oil's disastrous session today.
  • Tax Inversion Time: The U.S. Treasury Department continues to hit American companies with the third-highest marginal corporate tax rate in the world, which drives companies abroad. The latest tax inversion comes today. Tyco International Plc. (NYSE: TYC) announced plans to merge with Johnson Controls Inc. (NYSE: JCI). The deal will provide Johnson Controls shareholders with 56% of the new firm and roughly $3.9 billion in cash. The new firm would also be headquartered in Ireland, where Tyco currently resides.
  • On Tap Tomorrow: On Tuesday, the Fed Open Market Committee will kick off its first meeting on U.S. monetary policy of the year. Companies set to report quarterly earnings include Apple Inc. (Nasdaq: AAPL), Johnson & Johnson (NYSE: JNJ), VMWare Inc. (NYSE: VMW), Coach Inc. (NYSE: COH), AT&T Inc.(NYSE: T), Procter & Gamble Co. (NYSE: PG), United States Steel Corp.(NYSE: X), and Lockheed Martin Corp. (NYSE: LMT).
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