Retreating crude oil prices along with concerns about the Russian economy sent the markets tumbling to a sharply lower close with the Dow plunging 111 points to 17,068. Nasdaq plummeted 57 points to 4,547.

On the upside

Robert W. Baird downgraded Linn Energy (Nasdaq: LINE) from an Outperform rating to a Neutral rating and slashed it price target from $21 to $10 but the stock price soared.

Warren Resources (Nasdaq: WRES) will ring the Nasdaq opening bell on Wednesday, December 17, 2014.

Repsol's $8.3 billion acquisition of Talisman Energy (NYSE: TLM) lifted shares of Oasis Petroleum (NYSE: OAS).

On the downside

Navistar International (NYSE: NAV) narrowed losses for the fourth quarter but the results fell far short of analyst expectations.

China Finance Online (Nasdaq: JRJC) launched a beta test for its Investment Advisory Service Platform but the stock price fell.

Concerns about the Russian economy weighed down shares of Mobile Telesystems (NYSE: MBT).

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 tumbled 16 points to 1972. Bitcoin lost $3 to $325.