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.
Plunge in crude oil sinks stocks
January 05, 2015 at 17:18 PM EST