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Stocks rally to start the week as commodities lead the way. The S&P 500 is out of correction territory, but for how long? Yahoo Finance Editor-in-Chief Andy Serwer and host Jen Rogers break down all the market action.
Winners and losers
Stocks starting the week in the hole include Chimerix on concern over an experimental drug, Valeant on a downgrade, and Lumber Liquidators getting liquidated after a new report from the Centers for Disease Control said it had incorrectly assessed the cancer risk from exposure to formaldehyde in the company’s flooring, and that the risk was actually much higher that from other products.
Stocks that finished higher in today’s trading include Freeport MacMoran on the surge in copper prices, LED light-market Cree on an upgrade, and Synchrony Financial – the financial services company jumping on a positive Barron’s piece claiming the stock will climb 40% in the next year due to its strong loan book.
Toys “R” Us is attempting to roll over $1.6 billion in junk-rated bonds, but will a weakening high-yield market pose problems? Yahoo Finance’s Justine Underhill has a closer look at junk bonds.
Unicorn Risk: Uber
Jason Dalton, the man accused of killing 6 in Kalamazoo Michigan over the weekend, was arraigned in court today. But as the investigation into his motive continues, the fallout for Uber – his employer – is also beginning. Joining us now for more is Dan Roberts, writer for Yahoo Finance.
- At 9am ET we’ll get a read on the housing market with the S&P Case-Shiller home price index for December. The street’s looking for a healthy month over month gain of 0.8%.
- One factor that’s been pushing home prices higher has been a lack of supply. We’ll get a snapshot of the supply issue with existing homes sales data out at 10am ET tomorrow, with analysts looking for 5.3 million homes sold in January, a slight downtick from the previous month’s figures.
- Finally, earnings season may be slowing down but there’s still big reports tomorrow from Dow component Home depot, Macy’s, Avis Budget group, and Dollar Tree.
- Lumber Liquidators