Stocks Tumble But Improve From Session Lows -- US Commentary

(RTTNews) - U.S stocks were battered Wednesday, but clawed back a hefty portion of brutal early losses as buyers looked for bargains late in the session.

One of the gloomiest mornings in recent Wall Street history led the major averages lower by nearly 4% by lunchtime.

In the end, the S&P 500 finished 21 points, or 1.2%, lower at 1,859; the Dow industrials finished down 247 points, or 1.5%, at 15,768; and the Nasdaq Composite finished 5.3 points, or 0.1%, lower at 4,471.

Plunging crude oil prices were blamed for the early swoon.

On the final day of the February contract, Feb. WTI oil settled at $26.55/bbl on Nymex, down $1.91, or 6.7%. Prices rose a bit in afterhours trading.

Twitter shares soared as much as 12 percent amid rumors that Rupert Murdoch's News Corp is buying a stake.

Energy stocks were hammered yet again, with Devon Energy dropping 8 percent.

International Business Machines Corp. dropped 5 percent after the tech company reported a drop in fourth-quarter earnings.

Goldman Sachs reported a steep decline in fourth quarter earnings, while its revenues exceeded estimates. Shares fell 1.9 percent.

In economic news, the Labor Department reported that its consumer price index for December eased 0.1 percent month-over-month, while economists expected an unchanged reading.