Dominated the market so far in 2016 was back again today. The slide steepened late this afternoon, despite earlier gains, gains that the market just really couldnt hold on to. All three major indices falling 2 or more, now in correction territory. The Dow Jones Industrial average plunged 364 points to 16,151. The nasdaq dropped 159, nearly 3. 5 , and the s p 500 lost 48, trading below 1900 for the First Time Since september. And the selling occurred despite a modest rise in the price of domestic crude, very modest. For the year, the blue chip index is off about 7 , the nasdaq down more than 9 , and the s p 500 is also off 7 . Bob pisani explains why this market just cant seem to catch a break. Reporter it was another day where traders just wanted to take down their exposure to the overall market. Everything was down 2 to 3 from auto stocks to financials to health care to technology stocks, virtually everything. Theres a similar pattern in the trading activity in the past few days. Stocks invariably start to the up side, but then traders sell directly into the rallies. It doesnt help that oil has been very volatile recently, but this sell into rally thing is relatively new. Traders seem to be in no mood to pick up any bargains at all. Oil is a symptom, though, of a larger issue going on. There is concern that Global Business activity is slowing down. You can see this in the earnings reports. Recently, weve had 23 Companies Report fourthquarter earnings, including big consumer names like nike and Bed Bath Beyond and general mills. 19 of the 23 have missed revenue expectations. Thats a sign that Business Conditions are slowing down. For nightly business report, im bob pisani at the new york stock exchange. The Federal Reserve says the economy expanded at a modest pace across most of the country in december. The Central Banks beige book survey of Economic Conditions showed an increase in Consumer Spending and a tightening labor market. Growth reported in ten of the feds twelve regional districts. Federal reserve policymakers next meet in about two weeks. Ahead of that fed meeting, boston fed president eric rosengrin said estimates for Economic Growth are falling, and hes urging caution on further rate hikes. Speaking to Greater Boston chamber of commerce, he said that despite significant progress made over the past year, Current Events have to be taken into account. Its really important that despite some of the weakness that we have been seeing over the last week or two, Monetary Policy shouldnt overreact to the shortterm fluctuations in financial markets. That being said, we have to be aware that there are Downside Risks to our forecast, and we have to take quite seriously whats happening elsewhere in the world. Mr. Rosengrin added that the future path of rate hikes will be highly dependent on the feds evolving outlook. Well, as stocks sell off, some of the nations biggest banks are getting ready to report their earnings. Tomorrow jpmorgan. Friday we hear from citi. And Morgan Stanley and bank of america are due out early next week. But as Kayla Tausche reports, there may not be much to like in those quarterly results. Reporter they were supposed to be one of the bright spots in the market, but banks will have to get through what looks to be a dismal Fourth Quarter of earnings before they turn around. Analysts are expecting ever so slight Revenue Growth of around 2 but a sharper rise in profits, thanks to massive costcutting that is still ongoing. The street actually sees bank of america improving the most over last year but sees wells fargos Business Model as being able to best stand up to recent headwinds. Some of those headwinds are too big to ignore. First, the steep decline in oil prices. Banks collectively have more than 100 billion of debt related to the energy sector. Now, most of it is high grade, but theyre having to set aside more money in case of potential losses. Second, higher Interest Rates will mean the banks earn slightly more money on some loans theyre underwriting, but theres a worry that credit quality has peaked. The number of companies and consumers defaulting on their debts is at or near an alltime low. Experts say it can only go up from here, and thats a problem, as debt is getting more expensive. In the past, volatile markets like energy and Interest Rates would have spurred more trading activity, but executives like jpmorgan cfo marianne lake have said a seasonal slump in trading activity that has plagued recent years will also be present in the Fourth Quarter. We will hear from jpmorgan, the first out of the gate for the major wall street banks. For nightly business report, im Kayla Tausche in new york. A bright spot today was General Motors. The automaker raised its Earnings Guidance for 2016 while also dramatically increasing its Stock Buyback Program and its quarterly dividend. The upbeat outlook follows what many think will be one of the most profitable years ever in north america for gm. Our overall Financial Outlook for 2016 is based on a strong Product Launch cadence, growth in adjacent businesses, modest Global Industry growth and aggressive efforts to drive efficiencies. The improved outlook comes two years after mary barra took over as ceo. Shares of General Motors rose today in the overall down market. Well, from one general to another, general electric, a longtime resident of fairfield, connecticut, and one of the nations largest businesses, of course, will move its headquarters to boston. And the citys fastgrowing south boston waterfront. State and local government officials offered the conglomerate 145 million in incentives to make the move, which will likely have little effect on the majority of its global workforce. Following the announcement, connecticuts governor expressed his frustration. Of course, im disappointed. I know many in connecticut share the disappointment and frustration. Todays decision is a clear signal that connecticut must continue to adapt a changing business climate, actually, a subject that the president touched on extensively in his speech last night. So, i say continue, because connecticut is already in the process of changing dramatically. According to cnbcs top states for business study, massachusetts ranked 20th overall. Connecticut finished 33rd last year. Shares of metlife also bucked the Broader Market trend and finished higher, this on news we reported to you last night that that Insurance Company is looking to sell its u. S. Retail business, and that is leading many to wonder whether others will follow suit. Recall that activist investor carl icahn is pushing aig to break up in large part because of the governments plans to oversee the insurance industrys big three. Mary thompson tells us whether getting smaller will become a big trend in the insurance industry. Reporter already fighting the government in court, metlife is seeking other ways to remove its businesses from the Federal Reserves oversight. At the end of the day, i think its a good move for metlife. Reporter like property and casual giant aig and rival prudential, regulators topped metlife as a nonbank systematically important financial institution, just because of its size and kplewt. The increased oversight a key reason its spinning off its key anunty business. By spinning off that business, it increases. Reporter it doesnt expect the sale to change minds about its remaining businesses being systematically important, though the news sent stock higher. In the wake of the financial crisis, regulators increasing oversight of large nonbank firms that are seen as posing a threat to the u. S. Economy in the event of another crisis. The Additional Capital and reporting requirements expected to be costly for these big firms. Its one reason activist investor carl icahn wants aig broken up. He believes a smaller firm might be removed from fed oversight, eliminating those costs and potentially unlocking value at the insurer, a move analyst jay geld sees aig continuing to resist. My sense is that aigs highly unlikely to split the businesses for a variety of reasons, but now with metlife saying they will undertake a split, that puts pressure on aig to justify why they would keep the company together. Reporte it might also put similar pressure on big banks. Theyve resisted breaking apart, despite the additional regulatory burdens imposed on them after the financial crisis, but with shareholders reacting positively to metlifes decision, it might prompt some big banks to rethink theirs. For nightly business report, im mary thompson. Still ahead, low risk, low cost, high reward. It may be why the entire nation is playing the powerball lottery, even though the odds are stacked against you. First, though, a look at how all 30 dow components closed today. All but one finished lower. Securities regulators are reportedly looking into the risks posed by highyield bond funds in the aftermath of the collapse of third avenues Junk Bond Fund last month. As reported by reuters, regulators are concerned about how mutual funds manage their liquidity risks. They also want to determine the impact such disruptions could have, not only on shareholders, but also on the Broader Market. The workplace is changing, the rules are evolving, and some of the proposed changes, especially to paid sick leave, are making Small Business owners stand up and pay attention. Kate rogers reports tonight on a growing concern for some on main street. Reporter in president obamas final state of the union address, Worker Protections were front and center. Equal pay for equal work. Paid leave. Raising the minimum wage. All these things still matter to hardworking families. Theyre still the right thing to do. And i wont let up until they get done. Reporter the comments come at a time when the push to build up Employee Benefits at businesses nationwide is gaining momentum, but new data analyzing one congressional paid sick leave bill shows main street could be hard hit. The conservative National Federation of independent Business Modeled the Healthy Families act, which allows workers in businesses that have at least 15 employees earn up to seven paid sick days per year. If implemented this year, the nfib says the mandate could result in the loss of 430,000 jobs over the next decade, 58 of which would be at small firms. Whats more, the nfib projects a real output loss of 652 billion, half of which would be borne by Small Companies like adventure park, usa, in fed rick, maryland. Stottlemyre has up to 140 employees in the summer and 45 in the winter, but only 6 have paid sick days. Extending the benefit further would be a burden for the business, as he hasnt yet fully recovered from the last recession. And to come up with this stuff when were just coming out of recession . We just got hit with a minimum wage increase in the state of maryland. Our last governor hit us with that, and thats something that were serving now. And every time we turn around, theres something else, and its really unfair to Small Businesspeople, entrepreneurs that have risked their homes, their livelihood, and has put everything into their businesses. Reporter but advocates say change is necessary and momentum is building in 2016. In the past year, big companies, including netflix and microsoft, announced enhanced paid leave plans. We live in a nation that says we care about family values, and yet, being a good parent to your child or a good child to your parent literally costs people their paycheck and often their jobs. Reporter while getting a bill passed in a Republicancontrolled Congress may prove tricky, on the democratic side theres growing support for better policies nationwide. In the past week, both Hillary Clinton and Bernie Sanders have expressed support for full paid family leave policies. For nightly business report, im kate rogers. To read more about the push for paid sick leave, head to our website, nbr. Com. A brewer launches the second largest Corporate Bond deal ever, and thats where we begin tonights market focus. Anheuserbusch inbev is selling 46 billion worth of bonds to help finance its 110 billion purchase of rival s. A. B. Miller. The deal is second only to verizons 49 billion offer in 2013. Investor demand, however, was the most ever for a Corporate Bond deal with the maker of budweiser beer receiving more than 100 billion in offers. Shares of bud were off about 2. 5 to 116. 14. Shares of supervalu got slammed today after the Supermarket Chain disappointed with its latest quarterly results. The companys revenue fell more than expected in the face of stronger competition. Last week, the company said it would spin off its discount brand, save a lot, which accounted for more than a quarter of supervalus sales in the quarter. Shares were off 15. 5 to 5. 08. And auto parts maker borgwarner issued fullyear Earnings Guidance below wall street forecasts, citing in part a strong dollar for coming in light of targets. Borg sees doubledigit sales growth for the year, but that wasnt enough to please investors. Shares were off more than 9 to 33. 84. Shares of Intuitive Surgical managed to eke out a gain on an otherwise bad market day. The company gave fourthquarter sales projections ahead of expectations. Main driver continued growth in the robotics system used for minimally invasive surgery. Intuitive surgical closed the day up a little bit there, about 0. 5 at 545. 14. Qualcomm upgraded from susquehanna financial from neutral to positive. The analyst there saying while the Semiconductor Company faces competition from the likes of intel, he believes the worst may be behind qualcomm and its stock. Shares were off about a percent today to 46. 10, but theyve fallen nearly 40 over the past year. Gopro says its revenue for the Fourth Quarter will come in below expectations. Slower sales of its action cameras, the company also cutting 7 of its workforce. Shares of gopro flat today, but the news broke after hours and the stock was halted. When it reopened, shares dropped more than 20 . 1. 5 billion, thats the record jackpot in tonights powerball drawing. People are standing in long lines for the chance to win the pot, even though the odds are slim, extremely slim. Eric chemy catches the powerball fever thats gripping the nation. Reporter with just a few hours left to buy tickets in tonights recordsetting powerball lottery, people all over the country are lining up and spending big bucks to get a chance at the 1. 5 billion jackpot. Oh, im going to win. This is a winner. Reporter its the biggest jackpot in american history. Still, the odds of winning this week are no different than they were last week, 1 in 292 million. But the excitement isnt about the odds, its about the big prize. What would you do with the money, if you won the big prize . I would vanish. I would take my whole family and disappear somewhere. Id give it to a lot of people i love and care about. Take care of the family. Reporter everyones got their own strategy for picking numbers, whether its letting the Computer Pick for you or choosing lucky numbers, like your birthday. Some are doing exactly the opposite, going for unlucky numbers, hoping to avoid sharing the big prize. I found that, you know, most people have lucky numbers, so im trying to go against that so i can win the whole thing for myself, huh . Reporter no matter who wins tonight, these local Grocery Stores come out on top. They get to keep 5 of every sale. Today was a top seller, 800. Tickets or dollars . Dollars. Reporter i know the odds of winning are long, but in order to properly tell the story, i feel like i need to take a chance as well. One powerball ticket, please . Thank you. For nightly business report, im eric chemmy in new york city. Thank you. Good luck. Thank you. If he wins, were going to split it. Hes got to turn it back in here. All right, so, why do people get lottery fever when the jackpot swells to a Staggering Amount of money, in this case, a whopping 1. 5 billion . David just is a behavioral economist at Cornell Universitys charles h. Dyson school of applied economics and management. Hes here to answer that, among other questions. My odds, professor dyson, are 1 in 292 million, the same basically every week, because its 60some numbers times six places or whatever it is. But why is it tell me from a behavioral point of view why i will get out of my chair to go try for 1. 5 billion when i couldnt be bothered for 40 million . Good question. Basically, there are two things going on. First, we know that, essentially, when people evaluate these sorts of gambles, they focus in on the large numbers. If you have a giant possible jackpot out of this, people completely ignore the probability of winning and just become enamored with the idea of winning that much money. But its not only that, you know, we also have this sort of feeling of, were going to regret it if we dont at least try. Right. Yeah, theres a fear element, isnt there . I mean, what if you played lucky numbers in the past, you decide you dont want to do it this time around and those numbers come up . Youd be devastated, right . Its absolutely that. You know, when we see the winners, when we see other people who have, you know, actually made it big, we feel like we should have been doing something, and we had a chance and we could have done it, and all we had to do was buy the ticket. So, its sort of predicting that regret. We decide its time to buy. Our producer, rebecca white, was saying today she was in line to buy, she bought one ticket. She thought, well, the guy behind me might have the right number, so id better buy another ticket or hes going to get the winner, not me. So it plays with your mind a lot. Lets go to the question of happiness. People who win, you say the history is not all that good. They do not report higher happiness. No, they dont. So, people have this anticipation that you win this much money and just all of your cares sort of melt away, and you have that as an expectation. And then you actually win money and reality sets in that, no, you still have a whole bunch of problems. And you know, while its a huge, huge amount of money, its still not unlimited and it still du doesnt quite buy you all the sorts of things you want in terms of, well, a lifestyle. So, no, on average, theyre actually less happy than the average person and even less happy than people who have been put on kidney dialysis, believe it or not. Whoa. That took me by surprise. You know, also, there was one gentleman who was interviewed who was a previous Lottery Winner i saw on one of the other networks, and he said he actually felt sadness and guilt because so many people came to him with very tough luck stories, so he felt terrible if he didnt give them some money. It was a real burden to him. Theres exactly that. A lot of people will come out of the woodwork, and you feel like, you know, youve been so lucky, you need to help others who havent been lucky, and just managing that amount of money, you know if you work for it and you build it up over time, you adapt to it over time, but otherwise, it ends up being something that you just cant fathom. So, they end up having higher rates of bankruptcy, believe it or not, and heres the 1. 5 billion question have you bought a ticket . I have not. Have you ever . I have never played the lottery. Ive studied it a lot. I guess you could say im still studying my first purchase. [ laughter ] spoken like a professor. Thank you very much. Thank you. All right, coming up, the nfl scored big. So did the city of los angeles, which is about to see a big spike in revenue to that area. That storys coming up next. But first, a look at how the ten sectors in the s p 500 fared today. And as you can see, it was ugly out there. Heres a look at what to watch tomorrow. As we reported, Jpmorgan Chase due to come out with its earnings, along with the dow component intel. Best buy will release holiday sales figures. St. Louis fed president James Bullard speaks on the economy and Monetary Policy in memphis. And that is what to watch thursday. The rams are moving west to their new home in los angeles, and the San Diego Chargers have the option to join them. The announcement late last night came after a day of marathon meetings. Jane wells tells us why the decision is as much about business as it is about the sport. Reporter it was a long night for tom benson of the new Orleans Saints and other nfl owners, and finally, just as the state of the union was about to begin, the state of american football changed. The nfl owners tonight approved the return of the Los Angeles Rams to the market starting with the 2016 season. Reporter stan chronices st. Louis rams beat out a tag team of the San Diego Chargers and Oakland Raiders because hes promising a glitzier stadium in the l. A. City of inglewood, unlike anything the nfl has ever seen, and outshining a proposed stadium in carson by the other two teams. Now the chargers have one year to decide whether to join the rams in inglewood, and if they decline, the raiders get that choice. The league is also giving both losing teams 100 million towards new stadiums, should san diego and oakland choose to build. Well be working really hard to find us a home, and thats what were looking for and for our fans and everybody else, dont feel bad, well get it right. Reporter but after a 21year nfl drought, does los angeles have a fan base for one or possibly two teams . From a business perspective, it may not matter. Ultimately, it may not matter if the nfls ultimate end game is to just have a showcase facility in the second largest market in america, where they can have super bowls every five years. Reporter and with the clippers and dodgers selling for 2 billion each, any l. A. Nfl team would be worth at least 3 billion, wealth spread to all the owners. Raiders whoo reporter some fans were not the only ones feeling low. Bob eiger had spearheaded the losing stadium proposal at carson and hoped to be part of that enterprise after retiring from disney. Buying pixar or this . Ill let you know when this is over. Reporter in the meantime, the new stadium wont be ready until 2019, so this fall, the rams will likely play in the coliseum, the very arena which drove them out of los angeles so long ago. For nightly business report, im jane wells. Before we go tonight, heres another look at the selloff on wall street. It was a difficult day. The Dow Jones Industrial average plunging 364 points to 16,151. The nasdaq dropped 159 points, nearly 3. 5 . And the s p 500 lost 48, trading below 1900 for the First Time Since september. And just a week and a half into the new year, the blue chip dow index is off 7 , the nasdaq down more than 9 , s p 500 also off 7 . And the transportation average got creamed today. In bear market territory, even as oil and fuel prices go down. Not a good sign. No, not a good sign. But that does it for us tonight on nightly business report. Im sue herera. Thanks for joining us. Im tyler mathisen. Have a great evening, everybody, and well see you back here tomorrow night. Tonight on quest for most people, corals evoke images of vast tropical reefs. But gardens of spectacular corals also thrive in the deepest parts of the ocean. Now, scientists are rushing to learn more about these mysterious creatures before they disappear. And find out how bay area engineers are using Laser Technology to make virtual recreations of the worlds greatest monuments. Support for quest is provided by the s. D. Bechtel, jr. Foundation, the david b. Gold foundation,