The markets retreated in late afternoon trading to close sharply lower with the Dow plunging 123 points to 16,516 after China announced the elimination of 1.8 million jobs in the coal and steel industry. Nasdaq tumbled 32 points to 4,557.
On the upside
Scorpio Bulkers (NYSE: SALT) reported a smaller than expected loss for the fourth quarter as revenue climbed.
Shares of J.C. Penney (NYSE: JCP) continued climbing.
Cliffs Natural Resources (NYSE: CLF) accepted for exchange approximately $512 million in senior notes.
On the downside
The Securities and Exchange Commission is investigating Valeant Pharmaceuticals (NYSE: VRX) in yet another probe.
Altisource Portfolio Solutions (Nasdaq: ASPS) reported a preliminary loss for the fourth quarter and will delay filing its annual report.
Fourth quarter earnings tumbled for Federal Signal (NYSE: FSS) as revenue dropped and the company announced plans to acquire Joe Johnson Equipment for approximately $79 million.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 dropped 15 points to 1,932. Bitcoin added $2 to $433.
