Crude oil prices fell below $31 per barrel sending the markets plummeting at the open with the Dow collapsing 240 points to 16,191. Nasdaq plummeted 69 points to 4,43.
On the upside
Encana (NYSE: ECA) reported a smaller than expected loss for the fourth quarter, slashed its 2016 capital expenditures, reduced its quarterly dividend and cut its workforce.
Chesapeake Energy (NYSE: CHK) fell to a loss for the fourth quarter and announced drastic spending cuts for 2016.
Etsy (Nasdaq: ETSY) narrowed fourth quarter losses as revenue rose more than expected.
On the downside
Avis Budget Group (Nasdaq: CAR) fell to a loss for the fourth quarter and forecast full year earnings below expectations.
The Advisory Board (Nasdaq: ABCO) widened fourth quarter losses.
Shares of C&J Energy Services (NYSE: CJES) extended its losses.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 plunged 27 points to 1,893 Bitcoin added $2 to $423.
