The markets pulled back from earlier gains to close lower as crude oil prices rose to settle at another record of $109.92 per barrel. The Dow dropped 47 points to 12,110 while Nasdaq fell 12 points to 2244.
On the upside
Fourth quarter earnings for Boston Beer (NYSE: SAM) more than doubled and the company forecast 2008 results ahead of expectations.
Pacific Gas and Electric Co. selected ESCO Technolgies' (NYSE: ESE) Aclara RF Systems to provide metering services in California's Central Valley region.
On the downside
Collective Brands (NYSE: PSS) swung to a loss for the fourth quarter.
Tesors (NYSE: TSO) warned that refining margins in the West Coast will drop in 2008 prompting a downgrade.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 667.