The markets collapsed to close sharply lower with the Dow sinking 364 points to 16,151 over global economic concerns and crude oil prices that remained below $31 per barrel. Nasdaq swooned 159 points to 4,526.
On the upside
General Motors (NYSE: GM) lifted its full year earnings outlook, increased its stock repurchase plan and raised its quarterly dividend.
Microchip Technology (Nasdaq: MCHP) offered a premium of approximately $3.42 billion in cash and stock to acquire Atmel (Nasdaq: ATML).
Bargain hunters lifted shares of Southwestern Energy (NYSE: SWN).
On the downside
Shares of Williams Companies (NYSE: WMB) continued falling in the wake of a credit downgrade by Fitch Ratings on Monday.
Freeport-McMoRan (NYSE: FCX) stock fell again over concerns that a slowdown in the Chinese economy will negatively impact revenue.
Scorpio Services Holding has purchased 338,436 shares of Scorpio Bulkers (NYSE: SALT) common stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 8 to 1 on the NYSE and by nearly 7 to 1 on Nasdaq. The broader S&P 500 plunged 48 points to 1,890. Bitcoin plummeted $14 to $432.