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NEW YORK (AP) — U.S. stocks are higher, led by gains in banks and technology companies. The Dow has been more than 160 points higher for much of the day so far. Morgan Stanley gained 1 percent after the investment bank reported better earnings and revenue than analysts were expecting. Bank of America also edged up. Not all the earnings news was good. Tiffany sank 6 percent after reporting a decline in jewelry sales during the holiday season.
WASHINGTON (AP) — The International Monetary is cutting its forecast for global and U.S. economic growth in 2016 Citing weakness in the developing world, the IMF says the world economy will grow 3.4 percent, down from an October forecast of 3.6 percent. The international lending agency downgraded the outlook for developing economies to 4.3 percent growth from a forecast of 4.5 percent in October.
WASHINGTON (AP) — Confidence among U.S. home builders held steady in January even though builders' expectations about future sales dipped slightly. The National Association of Home Builders/Wells Fargo builder sentiment index stood at 60 in January, matching the December reading. The index has been hovering in the low 60s for a number of months. Readings above 50 indicate more builders view sales conditions as good, rather than poor. The home builders association is forecasting modest growth for housing this year.
NEW BRUNSWICK, N.J. (AP) — Johnson & Johnson expects to cut about 3,000 jobs over the next two years as the health care conglomerate works to restructure its medical devices business. The New Brunswick, New Jersey, company says that amounts to more than 2 percent of its global workforce of around 127,000 people and 4 percent to 6 percent of its employee total in medical devices.
NEW YORK (AP) — Coca-Cola, under pressure as consumers shift away from sugary drinks, is unveiling a new campaign that for the first time unites its most well-known slate of drinks under a single marketing theme. The company announced in Paris today that the campaign, called "Taste the Feeling," will unite Coca-Cola, Coca-Cola Light/Diet Coca-Cola, Coca-Cola Zero and Coca-Cola Life. The campaign focuses on the experience of drinking any Coca-Cola and that consumers can choose whatever Coca-Cola suits their taste and lifestyle.
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