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Stocks sink on energy, materials weakness

Thursday, December 17, 2015 - 01:15

A day after shares rallied on the Federal Reserve's decision to raise interest rates, stocks sank by more than one percent. Bobbi Rebell reports.

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Stocks snapped a three-day rally one day after the Fed raised interest rates for the first time in nine years. Energy shares led the way lower. Standard Financial's Peter Cardillo: SOUNDBITE: PETER CARDILLO, CHIEF MARKET STRATEGIST, STANDARD FINANCIAL (ENGLISH) SAYING: "We're still stuck on oil. There's no question about it. There are one or two days during the week when the market tries to divorce itself from what's happening in the oil market, but in general, investors are still very much looking at the price of oil and where it's headed." Kalobios Pharmaceuticals shares plummeting after the FBI arrested CEO Martin Shkreli on securities fraud charges. Shkreli is also CEO of Turing Pharmaceutical and former head of biotech firm Retrophin. Ding dong. Avon is selling most of its North American business and a stake in itself to private equity firm Cerberus Capital Management. Eight analysts upped their price targets on Pandora Media. The Internet radio station's CEO said he could "work with" the new higher music royalty rates Pandora will have to pay. Mixed economic data. The U.S. current account deficit surged in the third quarter. But Americans filed fewer jobless claims last week. In Europe, investors bought up stocks, seeing the Fed move as a positive indication of the U.S. economy.

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Stocks sink on energy, materials weakness

Thursday, December 17, 2015 - 01:15