The markets plunged to close sharply lower as rising gas prices lifted consumer inflation. The Dow plummeted 178 points to 13,340 while Nasdaq skidded 33 points to 2636.
On the upside
United Rentals' (NYSE: URI) lawsuit forcing Cerberus Capital Management to complete the takeover of United Rentals for $4 billion will proceed to trial.
Shares of Tesoro (NYSE: TSO) rose after Goldman Sachs analyst Arjun Murti upgraded the oil refining sector.
Passage of the Senate's energy bill lifted shares of JA Solar Holdings (Nasdaq: JASO) despite the elimination of mandate requiring utilities to produce 15% of electricity from renewable sources by 2020.
On the downside
CDC (Nasdaq: CHINA) blamed falling revenue for swinging to a third quarter loss.
Jefferies & Co. analyst Ross MacMillan downgraded GSI Commerce (Nasdaq: GSIC) saying that heavy discounting will weigh down profit margins.
Brean Murray, Carret & Co. downgraded Phase Forward (Nasdaq: PFWD) citing valuation concerns.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 16 points to 754.