Oil Takes Down the Markets

Oil falls for second-straight day, stocks slide

Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets, the oil industry and Chipotle and Yahoo earnings.

It’s the 'old same story, as oil goes, so go the markets. The Dow ended the day down more than 295 points, falling 341 points at the low. The S&P falling more than 35 points. The Nasdaq plunged more than 103 points.

Once again, the fall of oil was to blame. Crude settled below $30 for the first time since January 21st.

Oil is down over 11% over the past two days, the steepest 2-day decline in almost 7-years.

Due to this, Standard and Poor's downgraded 10 of the world biggest oil companies. These include Hess, Chevron, Marathon Oil, Exxon Mobil and EOG resources.

S&P said that they don't believe these companies have done to stem the "meaningful deterioration expected".

With the CDC investigation and the E.coli outbreak officially over, Chipotle announced 4Q earnings this afternoon. The fast food chain reported revenue fell 6.8% while restaurant sales decreased 14.6% last quarter. But, the company expects to open 220-235 new restaurants. Shares are up after hours.

Also out this afternoon, search engine giant Yahoo. Earnings came in line with EPS while beating slightly on revenue. The company announced it plans to close offices in five cities and cut 15% of the workforce by the end of this year. This is to help improve profitability and accelerate growth by sharpening focus. Shares are flat in after hours.

And stay with FOX Business for complete coverage on earnings. Tomorrow we've got our eye on Comcast, General Motors, GoPro and Yum Brands.