Rebounding oil prices sent the markets tumbling during the midday with the Dow plummeting 216 points to 11,412. Nasdaq skidded 48 points to 2367.
On the upside
An appeals court ruled in Star Scientific's (Nasdaq: STSI) favor in the company's patent infringement lawsuit against RJ Reynolds Tobacco.
AgFeed Industries (Nasdaq: FEED) acquired four hog farms for an undisclosed sum in Southern China and may purchase up to ten more farms. The hog farm company also affirmed its fiscal 2008 earnings outlook.
Freddie Mac (NYSE: FRE) sold $2 billion in three month and six month bills, allaying investor fears of a government takeover.On the downside
The CEO of Quest Resource (Nasdaq: QRCP) Jerry Cash resigned after the Oklahoma Department of Securities launched an investigation into questionable fund transfers from the company to an entity controlled by Cash.
Friedman Billings downgraded Talbots (NYSE: TLB) after rival AnnTaylor (NYSE: ANN) reported lower earnings.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 19 points to 718.
