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Stocks rally on strong earnings, oil rebound; Apple earnings after hours; Alan Blinder on the markets

A rebound in oil and strong earnings from corporate America have stocks back in rally mode. Plus - all eyes are on a big after hours report.

Winners and losers

Let's take a look at some of today's winners and losers. Stocks slipping in today's rally were Netflix, Waters Corporation, and Polaris - the snowmobile and ATV maker stuck in reverse after the company issued a cautious sales forecast for the current year. Profit in the fourth quarter fell 18% due to weakness in North America.

Stocks soaring along with the general market include Dow components Procter and Gamble, Johnson & Johnson, and 3M - the post-it and scotch tape maker jumping higher after topping profit and revenue estimates. 3M cited cost-cutting as of one of the main drivers of its performance.

Alan Blinder talks oil, China

Oil and stocks have been trading at their tightest correlation in over two decades... but why is cheap oil, which should be a boon to consumers, dragging the markets lower? Joining us now to discuss is Alan Blinder, former Fed vice chairman, and author of “After the Music Stopped.”

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Looking ahead

  • The Federal Open Market Committee will announce its interest rate decision. Check back here at 2pm Eastern for special live coverage of the event.

  • And at 10a ET we will get new home sales for the month of December. The street is looking for a 2% in gain with an annualized rate of 500,000 in sales.

  • Finally, earnings season rolls on with Facebook's fourth quarter and full year earnings. Investors will be watching for growth in online and mobile advertising revenues.