Downing of Malaysian jet sends markets tumbling

The shooting down of a Malaysian airliner in Ukraine sent the markets tumbling to a sharply lower close with the Dow plummeting 161 points to 16,976. Nasdaq stumbled 62 points to 4,363.

On the upside

Reuters reported that Sycamore Partners has engaged in early stage discussions to purchase Fred's (Nasdaq: FRED).

McEwen Mining (NYSE: MUX) reported that it produced 31,200 gold equivalent ounces in the second quarter.

Rumors that World Wrestling Entertainment (NYSE: WWE) may be acquired lifted shares of the media company.

On the downside

Shares of CareDX (Nasdaq: CDNA) fell on its first trading day.

Needham downgraded Covidien (NYSE: COV) from a Buy rating to a Hold rating.

Shares of Bank of America (NYSE: BAC) extended its losses.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 plunged 23 points to 1958. Bitcoin eased $1 to $612.

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