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Tapering Extension Sends Markets Tumbling

The Federal Reserve extended the tapering of bond purchases sending the markets tumbling to a sharply lower close with the Dow collapsing 189 points to 15,738. Nasdaq plunged 46 points to 4051. 

On the upside 

Medivation (Nasdaq: MDVN) reported positive results from a Phase 3 PREVAIL trial of the prostate cancer treatment enzalutamide.

Horizon Pharma (Nasdaq: HZNP) reported preliminary fourth quarter revenue ahead of analyst expectations.

Meritor (NYSE: MTOR) reversed year ago losses to post a better than expected profit for the first quarter.

On the downside

Investors locked in profits on Idenix Pharmaceuticals (Nasdaq: IDIX). 

Shares of North Atlantic Drilling (NYSE: NDL) fell on its first trading day.

Energizer Holdings (NYSE: ENR) reported lower first quarter earnings and revenue that fell short of analyst expectations and forecast full year earnings below estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 tumbled 18 points to 1774. Bitcoin slipped $30.52 or 3.38% to $903.52.

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