Drop in crude oil prices sends markets tumbling

Crude oil prices dropped to send the markets down sharply during the midday with the Dow plunging 174 points to 17,336. Nasdaq tumbled 49 points to 5,010.

On the upside

Celsus Therapeutics (Nasdaq: CLTX) announced yesterday a $75 million private placement offering.

Bargain hunters lifted shares of Peabody Energy (NYSE: BTU).

Bloomberg reported that Arch Coal (NYSE: ACI) was negotiating with lenders in order to avoid filing for bankruptcy.

On the downside

Rayonier Advanced Materials (NYSE: RYAM) filed a declaratory judgment action against Eastman Chemical.

Second quarter earnings dropped sharply for Tarena International (Nasdaq: TEDU).

Shares of Eclipse Resources (NYSE: ECR) continued falling.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 plunged 20 points to 2,076. Bitcoin tumbled $19 to $229.
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