Les Moonves will replace Sumner Redstone as CBS executive chairman; Stocks were mostly higher on a jump in energy shares. Bobbi Rebell reports.
After the closing bell, CBS announcing Sumner Redstone will step down as Executive Chairman. He will be replaced by Les Moonves, president and CEO of CBS. The move comes amid questions about the billionaire's physical and mental health. Oil trumped economic data on Wall Street. U.S. stocks reversed course, pulled mostly higher by a sharp rally in oil prices. Earlier, data showing a surprisingly steep slowdown in the services sector in January pulled the S&P 500 down more than one-and-a-half percent. And it led to a lower close in European stocks. Market economist Peter Cardillo: SOUNDBITE: PETER CARDILLO, CHIEF MARKET ECONOMIST, FIRST STANDARD FINANCIAL (ENGLISH) SAYING: "What we're seeing here is a possibility of a real slowdown that might lead us to negative growth." GM's shares fell even though quarterly profit surged and net income for the year hit a record. Investors have been selling off auto stocks fearing that sales growth may have peaked. Investors weren't impressed by Yahoo's restructuring moves announced Tuesday. They sent the stock to its lowest level in nearly two-and-a-half years. Investors had no appetite for Chipotle's results. The burrito chain's comparable sales fell by more than a third in January amid consumer fears over food safety. Money talks. Home improvement retailer Lowe's ramped up acquisition bid of $2.3 billion was finally accepted by Canada's Rona.