U.S. stocks fall, with financials, transports and other big post-election gainers losing ground as earnings season kicked into gear. Bobbi Rebell reports.
A tough Tuesday for the U.S. financial markets. Stocks fell on weakness in bank and healthcare shares. Investors skittish after President-elect Donald Trump said he would target companies over drug pricing and that he was ready to unveil a plan to repeal Obamacare. Investors are also nervous about what his policies will mean to world trade according to Recon Capital's Kevin Kelly: SOUNDBITE: KEVIN KELLY, CHIEF INVESTMENT STRATEGIST, RECON CAPITAL (ENGLISH) SAYING: "A lot more nervousness especially as you've seen other world leaders come out and say hey we are not going to just fold. We are not going to redo these trade agreements you know we are going to really focus and you've got nationalist and protectionist policies at the forefront." Morgan Stanley shares fell even though its profit doubled in the fourth quarter thanks to a surge in trading activity. Wal-Mart stock rose after the retailer said it would create 10,000 jobs in the United States this year. General Motors says it will invest a billion dollars in its factories in 2017. The top automaker will also move some parts production from Mexico to the United States. Turning to Europe: British American Tobacco has agreed a $49.4 billion takeover of U.S. rival Reynolds American creating the world's biggest listed tobacco company after it increased an earlier offer by more than $2 billion. Deutsche Bank has signed a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run up to the 2008 financial crisis. As for the major European country indexes...they closed lower in Tuesday's session.