Plunge in crude oil sinks stocks

Crude oil prices plunged below $50 per barrel to send the markets plummeting with the Dow skidding 331 points to 17,501. Nasdaq slumped 74 points to 4,652.

On the upside

Amgen (Nasdaq: AMGN) and Kite Pharma (Nasdaq: KITE) entered a strategic research collaboration and license agreement.

JPMorgan upgraded Boston Scientific (NYSE: BSX) from a Neutral rating to an Overweight rating.

Rising gold prices lifted shares of Harmony Gold Mining (NYSE: HMY) and McEwen Mining (NYSE: MUX).

On the downside

Plunging crude oil prices weighed down shares of SandRidge Energy (NYSE: SD).

Alcoa (NYSE: AA) will report fourth quarter and full year results after market close on Monday, January 12, 2015.

A drop in copper prices weighed down shares of Freeport-McMoRan (NYSE: FCX).

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 plunged 37 to 2020. Bitcoin rose $12 to $273.