Drop in oil prices send markets tumbling

Falling crude oil prices along with an unexpected drop in consumer sentiment sent the markets tumbling to a sharply lower close with the Dow plunging 145 points to 17,749. Nasdaq dropped 21 points to 4,871.

On the upside

Bloomberg reported that Investment Technology Group (NYSE: ITG) engaged in discussions to acquire Convergex.

Anacor Pharmaceuticals (Nasdaq: ANAC) reported to a smaller than expected loss for the fourth quarter.

Shares of Violin Memory (NYSE: VMEM) continued rising.

On the downside

Quantum Technologies (Nasdaq: QTWW) reported a loss for the fourth quarter.

Brazilian federal prosecutors will investigate current Rio de Janeiro governor Luiz Fernando Pezao and former governor Sergio Cabral in a corruption scandal involving Petroleo Brasileiro (NYSE: PBR).
 
Ignite Restaurant Group (Nasdaq: IRG) widened losses significantly for the fourth quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 fell 12 points to 2053. Bitcoin slipped $4 to $282.

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