Closing Bell: Intersil Jumps on Renesas Deal; U.S. Stocks Slide

Wall Street endured a sharp selloff, giving back all gains seen in a Federal Reserve-inspired rally a day earlier.
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Wall Street endured a sharp selloff, giving back all gains seen in a Federal Reserve-inspired rally a day earlier. Demand concerns also plagued crude with oil tumbling 3% to rest under $45 a barrel. The energy sector was the worst performer on markets. Major oilers Exxon Mobil (XOM) - Get Report and Chevron (CVX) - Get Report ended the session sharply lower. Phillip Morris (PM) - Get Report sank after Citigroup initiated coverage with a NEUTRAL rating. Analysts said fellow tobacco companies such as Reynolds American  (RAI) and Altria (MO) - Get Report were far superior investments at a similar price. Intersil (ISIL) jumped after agreeing to be acquired by Japan's Renesas Electronics in a deal worth $3.2 billion. The acquisition has been approved by both boards. Speculation over an impending deal has been percolating since August.