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| You love a strong dollar and cheap oil. But they’re bringing big companies down | You love a strong dollar and cheap oil. But they’re bringing big companies down |
| (about 1 hour later) | |
| Oil is cheap, the dollar is strong, Americans are happy — and the business world is peeved. | Oil is cheap, the dollar is strong, Americans are happy — and the business world is peeved. |
| Stocks plummeted Tuesday amid a blizzard of big-name disappointments from stalwarts like Microsoft, Procter & Gamble and Caterpillar, which largely blamed their recent underwhelming performances on a weakening global economy. | Stocks plummeted Tuesday amid a blizzard of big-name disappointments from stalwarts like Microsoft, Procter & Gamble and Caterpillar, which largely blamed their recent underwhelming performances on a weakening global economy. |
| By noon, the Dow Jones industrial average had sunk as much about 350 points, to 17,332. The Standard & Poor’s 500 fell about 35 points, to 2,022. The tech-heavy Nasdaq fell about 104 points, to 4,667. | By noon, the Dow Jones industrial average had sunk as much about 350 points, to 17,332. The Standard & Poor’s 500 fell about 35 points, to 2,022. The tech-heavy Nasdaq fell about 104 points, to 4,667. |
| A stronger dollar helps American travelers but can hurt big companies: The stuff they export ends up costing more, driving down sales. Procter & Gamble, the world’s biggest consumer-goods giant, said the rising value of the dollar dragged down sales about 5 percent. | A stronger dollar helps American travelers but can hurt big companies: The stuff they export ends up costing more, driving down sales. Procter & Gamble, the world’s biggest consumer-goods giant, said the rising value of the dollar dragged down sales about 5 percent. |
| P&G, the giant behind Bounty power towels, Tide detergent and Crest toothpaste, joined several other companies in lowering their projections for profits and sales this year. Its stock fell about 4 percent in morning trading. | P&G, the giant behind Bounty power towels, Tide detergent and Crest toothpaste, joined several other companies in lowering their projections for profits and sales this year. Its stock fell about 4 percent in morning trading. |
| Cheap oil punched a hole in Caterpillar, which predicts its construction-equipment sales will plummet amid a huge economic slowdown in China and a drop-off in oil-producing regions. The company, one of 30 stocks that affect the Dow average, saw its profits plunge 25 percent at the end of 2014 over the same quarter a year before. Its stock slid about 7 percent in morning trading. | Cheap oil punched a hole in Caterpillar, which predicts its construction-equipment sales will plummet amid a huge economic slowdown in China and a drop-off in oil-producing regions. The company, one of 30 stocks that affect the Dow average, saw its profits plunge 25 percent at the end of 2014 over the same quarter a year before. Its stock slid about 7 percent in morning trading. |
| Microsoft sounded a high note over sales of the Xbox One and its Surface tablet, but showed worries over its worldwide business, bumping down its future estimates to “reflect a significantly more challenging transition ahead.” Its stock crumbled nearly 9 percent Tuesday. | Microsoft sounded a high note over sales of the Xbox One and its Surface tablet, but showed worries over its worldwide business, bumping down its future estimates to “reflect a significantly more challenging transition ahead.” Its stock crumbled nearly 9 percent Tuesday. |
| Orders for long-lasting “durable” goods — stuff like jets, computers and electrical equipment — plunged about 3 percent in December, falling for four of the last five months. That’s typically a sign that businesses aren’t investing like they usually do, analysts said. | Orders for long-lasting “durable” goods — stuff like jets, computers and electrical equipment — plunged about 3 percent in December, falling for four of the last five months. That’s typically a sign that businesses aren’t investing like they usually do, analysts said. |
| Most Americans aren’t feeling much gloom from this global malaise. On the back of cheap gas and an improving job market, consumer confidence in January surged to its highest point in seven years, way higher than economists had expected, the Conference Board said Tuesday. | Most Americans aren’t feeling much gloom from this global malaise. On the back of cheap gas and an improving job market, consumer confidence in January surged to its highest point in seven years, way higher than economists had expected, the Conference Board said Tuesday. |
| Read More: | Read More: |
| The winners and losers of a strong dollar | The winners and losers of a strong dollar |
| What the top 1 percent makes in every state | |
| A way better investment than gold in 2014? Coffee |