After reporting strong earnings, shares of Google's parent, Alphabet, jumped. Stocks were mostly lower in Monday's trading session. Bobbi Rebell reports.
Alphabet, parent company of Google, reporting better-than-expected quarterly results after the closing bell Monday. The stock jumped in after hours trading on the news, putting Alphabet on track to be the largest U.S. company by market cap, overtaking Apple. Weak Chinese data sank oil prices, and that, in turn, hurt Wall Street. Stocks gave back some of Friday's big gains. Energy and financial were the biggest losers on the S&P 500. Investors fear a global slowdown, says Stephen Wood of Russell Investments. SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS (ENGLISH) SAYING: "We are aware that U.S. growth is probably going to decelerate probably in that mid two percent. And a lot of the global growth story is going to be driven by China." Investors got no encouragement from economic data. Consumer and construction spending both flat in December. Manufacturing activity shrank in January. Relief for Chipotle investors. The beleaguered stock shot higher after the Centers for Disease Control said the E. coli outbreaks at the burrito chain appear to be over. Another big drug deal. Abbott Laboratories is buying diagnostic testing company Alere for $5.8 billion. Alere's shares zoomed up. Twitter shares flew higher after tech news site, The Information, reported venture capitalist Marc Andreesen and Silver Lake Partners considered a deal for the microblogging company. In Europe, telecom equipment stocks pulled shares lower.