Stocks took a turn for the worse in midday trading on Tuesday, as the fall in oil prices interrupted the markets rally earlier in the morning, caused by anticipation that the European Central Bank would announce a stimulus package later this week. The three major indexes are all down about between 0.3-1%. Oil prices are down 3.8% trading at $46.88 per barrel. This isn’t helping oil stocks like Exxon Mobil (XOM), Anadarko Petroleum (APC) and BP (BP), which were all in the red. On the earnings front, Delta Air Lines (DAL) posted fourth quarter earnings, which topped estimates, largely on the heels of lower oil prices. But Johnson & Johnson (JNJ) shares slipped over 3% after missing analyst’s forecasts. Investment bank Morgan Stanley (MS) was also lower after falling short of Wall Street’s expectations on the top and bottom lines. TheStreet’s Scott Gamm has details from New York.
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