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Stocks Erase Losses

Myles Udland
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Stocks have erased most of their losses in afternoon trade on Tuesday, with only the Dow still in negative territory. 

Near 2:40 pm ET, the Dow was down 24 points, the S&P 500 was up 1 point, and the Nasdaq was up 18 points. 

Earlier, the Dow had been down as much as 160 points

Last week, stocks fell for the fourth straight week and finished in positive territory just one time, closing higher on Friday. 

The price of oil was also falling again on Tuesday after last week gaining ground for the first time in almost two months. In late-morning trading, West Texas Intermediate crude futures were down more than 4% to around $47 a barrel. 

US Treasury yields were also tumbling, with the 30-year falling back to near record lows at 2.37% and the 10-year falling to 1.77%. 

Earnings season is also kicking into high gear, with US oil services company Baker Hughes saying in its earnings report that the number of oil rigs in use will likely fall further in the first quarter. The company also said it will cut about 7,000 jobs. 

Johnson & Johnson's fourth quarter revenue took a hit on currency adjustments. 

On the economic data front, homebuilder sentiment was roughly unchanged in January, with the latest reading from the NAHB coming in at 57, down from a revised 58 last month, though this is the third month in a row that the reading has hovered in the upper 50s. 

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