Markets crash over global economic concerns

The markets collapsed to close sharply lower with the Dow sinking 364 points to 16,151 over global economic concerns and crude oil prices that remained below $31 per barrel. Nasdaq swooned 159 points to 4,526.

On the upside

General Motors (NYSE: GM) lifted its full year earnings outlook, increased its stock repurchase plan and raised its quarterly dividend.

Microchip Technology (Nasdaq: MCHP) offered a premium of approximately $3.42 billion in cash and stock to acquire Atmel (Nasdaq: ATML).

Bargain hunters lifted shares of Southwestern Energy (NYSE: SWN).

On the downside

Shares of Williams Companies (NYSE: WMB) continued falling in the wake of a credit downgrade by Fitch Ratings on Monday.

Freeport-McMoRan (NYSE: FCX) stock fell again over concerns that a slowdown in the Chinese economy will negatively impact revenue.

Scorpio Services Holding has purchased 338,436 shares of Scorpio Bulkers (NYSE: SALT) common stock.

In the broad market, declining issues outpaced advancers by a margin of nearly 8 to 1 on the NYSE and by nearly 7 to 1 on Nasdaq. The broader S&P 500 plunged 48 points to 1,890. Bitcoin plummeted $14 to $432.

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