Stocks came back from heavy intraday losses brought on by a plunge in oil prices. Bobbi Rebell reports.
A late day comeback for stocks after heavy intraday losses on plummeting oil prices. Shares closed mostly higher, but there is still plenty of uncertainty surrounding oil and China's growth to keep investors on edge just as companies get set to report their results. U.S. Bank Wealth Management's Eric Wiegand. SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK WEALTH MANAGEMENT (ENGLISH) SAYING: "We're just on the, you know, eve of earnings season, so there's been a lot of anxiety around what's likely to be reported in corporate results for the fourth quarter." Even a mega merger with a big premium couldn't lift Baxalta's shares. The drug maker is being bought by Shire for $33 billion. Shire's shares were also sold off. Apple rallied. Mizuho sees healthy demand for the iPhone maker's products, so it upgraded the shares to "buy" from "neutral." Macy's the top gainer on the S&P 500. Activist investor Starboard Value urged the retailer to squeeze more value from its real estate assets by forming joint ventures for its stores. The markets were just as choppy across the Atlantic for the same reasons: Healthcare and oil dragged the markets down.