Global Market Woes Sink Stocks

The markets tumbled to close sharply lower with the Dow plunging 268 points to 9870 as global markets stumbled. Nasdaq collapsed 85 points to 2135.

On the upside

Shares of Tesla (Nasdaq: TSLA) surged sharply in the late afternoon on its first trading day.

Raser Technologies (NSYE: RZ) partnered with Hyundai to develop electric trucks and other renewable energy products.

A federal court ruled that generic drug makers cannot market AstraZeneca's (NYSE: AZN) Crestor until 2016.

On the downside

China MediaExpress Holdings (Nasdaq: CCME) was added to the Russell Global Index but the stock price dropped.

Citigroup (NYSE: C) triggered circuit breakers on the downside to join the rest of the financial sector in the sell-off.

KeyBanc Capital Markets downgraded Ethan Allen (NYSE: ETH).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 9 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 25 points to 615.