Surging oil prices along with disappointing earnings sent the markets tumbling to close sharply lower with the Dow dropping 105 points to 12,720. Nasdaq plunged 31 points to 2377.
On the upside
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 3 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 14 points to 704.