MarketWatch for Monday, January 27, 2014

By CBS News

Published 01/27 2014 11:40AM

Updated 01/27 2014 11:41AM

If you're keeping on top of the stock markets this morning, Monday, January 27,  2014 ....

The Nikkei dropped 385 points today in trading in Japan.
On Wall Street, the Dow plunged 318 points by the close Friday.
And the Nasdaq fell 91.

The stock market is coming off its worst week in over a year. A big plunge in the value of currencies in emerging markets like Argentina and Russia dragged global markets lower Friday.

It's a huge week for company earnings. AT&T, Facebook, Ford and Yahoo are among the companies set to report. Apple is also on tap. Analysts estimate apple sold a record 55 million iPhones during the holiday quarter.

On the economic calendar, expect the latest figures on new home sales, consumer confidence and personal income and spending.    

Ben Bernanke will hold his final Federal Reserve meeting this week. After eight years as chairman of the Fed, Bernanke will step down Friday. Janet Yellen will replace him as the central bank's first female chief.

Investors are bracing for another possible pullback to the fed's stimulus program after more recent signs of a stronger economy

And welcome to the gas pump of the future. A St. Louis based company has come up with an automatic pump that will fill up your gas tank while you sit in your car.   The plan is for drivers to choose their gas and pay on a drive-up screen. The robotic pump  still has to go through regulatory testing before it shows up at a gas station near you.

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