First time applications for unemployment benefits rose more than expected last week to send the markets tumbling to a sharply lower close on the final trading day of the year with the Dow plummeting 178 points to 17,425. Nasdaq plunged 58 points to 5,007.

On the upside

Bargain hunters snapped up shares of Legacy Reserves (Nasdaq: LGCY).

Shares of California Resources (NYSE: CRC) climbed on bargain hunting.

Rising crude oil prices lifted shares of EXCO Resources (NYSE: XCO).

On the downside

Shares of China Information Technology (Nasdaq: CNIT) extended its losses.

Advaxis (Nasdaq: ADXS) stock fell for the fourth day in a row.

Investors locked in profits on Vuzix (Nasdaq: VUZI).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 tumbled 19 points to 2,043. Bitcoin added $2 to $429.