Dow Suffers Biggest Drop Since Early October

The Dow Jones Industrial Average (DJI) spent the entire session in the red, and closed down 1.5% -- its biggest one-day percentage drop since Oct. 9. Today's steep sell-off came as crude oil panned five-year lows following a pair of dismal fundamental developments. Elsewhere on the Street, the S&P 500 Index (SPX) surrendered 1.6%, while the Nasdaq Composite (COMP) performed the worst of its peers, shedding 1.7%. Amid the sharp decline in the equities market, the CBOE Volatility Index (VIX) jumped 24% -- to its highest close since mid-October -- and is now up nearly 57% this month.

Continue reading for more on today's market, including:

• 2 stocks that surged in the wake of President Barack Obama's request for more Ebola funding.
• Option traders think there's more downside ahead for Tesla Motors Inc (NASDAQ:TSLA), which is already staring at a 14% month-to-date loss.
• A fundamental setback for Twitter Inc (NYSE:TWTR) didn't keep weekly option bulls from climbing on board.
• Plus ... Crude gets dealt a double-barreled blow, Uber gets sued, and it was a banner day for airline stocks.

The Dow Jones Industrial Average (DJI - 17,533.15) was off 293 points at its session low, before settling with a 268-point, or 1.5%, loss. Twenty-nine of the DJI's 30 components finished in the red, led by a 3.9% plunge for Boeing Co (NYSE:BA). Nike Inc (NYSE:NKE) was the sole advancer, tacking on 0.7%.

The S&P 500 Index (SPX - 2,026.14) surrendered 33.7 points, or 1.6% -- its loftiest one-day percentage drop since Oct. 13. Meanwhile, the Nasdaq Composite (COMP - 4,684.03) gave back 82.4 points, or 1.7%, to settle at its lowest level since Nov. 19.

The CBOE Volatility Index (VIX - 18.53) tacked on 3.6 points, or 24.5%.

5 Items on Our Radar Today:

1. The Organization of Petroleum Exporting Countries (OPEC) slashed its 2015 global demand growth forecast by 6%, citing decreased usage in Asia, Latin America, and Western Europe. Meanwhile, on the homefront, the Energy Information Administration (EIA) today said domestic crude inventories rose last week by 1.5 million barrels, versus expectations for a 2.7-million-barrel decline. (CNN Money; The Wall Street Journal)
2. Two cities in California -- San Francisco and Los Angeles -- are suing Uber, claiming the car service misrepresents the extent to which it provides background checks on its drivers. The lawsuit is asking for Uber, which charges riders a fee to cover the screening, to repay those who paid the additional cost. (CNN Money)
3. It was a big day for the airline sector, with Delta Air Lines, Inc. (NYSE:DAL), JetBlue Airways Corporation (NASDAQ:JBLU), and Southwest Airlines Co (NYSE:LUV) buoyed by plunging oil prices and bullish brokerage attention.
4. An uninspiring analyst note sent shares of this 3-D printing firm to a new annual low.
5. A lesson in risk, courtesy of Krispy Kreme Doughnuts (NYSE:KKD) option traders.

For a look at today's options movers and commodities activity, head to page 2.

Commodities:

A dreary outlook from OPEC -- as well as an unexpected surge in domestic crude supplies -- sent crude oil plunging. By the close, crude for January delivery was down $2.88, or 4.5%, to $60.94 per barrel -- a new five-year low.

Gold edged lower today, as a crude's continued sell-off weighed on inflation expectations. At session's end, February-dated gold had given back $2.60, or 0.2%, to settle at $1,229.40 per ounce.