Markets tumble on lower oil prices

The markets opened sharply lower with the Dow tumbling 100 points to 16,365 as crude oil prices fell and consumer spending eased less than 0.1% in December. Nasdaq rocketed 107 points to 4,613.

On the upside

Abbott Laboratories (NYSE: ABT) will pay a premium of approximately $5.8 billion in cash to acquire Alere (NYSE: ALR).

The Information reported that Marc Andreesen and private equity firm Silver Lake have explored a potential deal with Twitter (NYSE: TWTR).

Trovagene (Nasdaq: TROV) entered an agreement to provide its Precision Cancer Monitoring tests and services to FedMed clients.

On the downside

Nokia (NYSE: NOK) won a patent dispute with Samsung but the additional revenue to be collected may not be as high as expected.

Retreating crude oil prices weighed down shares of Denbury Resources (NYSE: DNR).

Goldman Sachs upgraded Micron Technology (Nasdaq: MU) from a Sell rating to a Neutral rating but the price target was lowered from $13 to $11.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The broader S&P 500 tumbled 15 points to 1,924. Bitcoin slipped a fraction $377.

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