Closing Bell Report

Record oil prices along with profit warnings weighed down the markets to a lower close with the Dow losing 49 points to 12,527. Nasdaq plunged 27 points to 2322.

On the upside

Reliant Energy (NYSE: RRI) began offering electricity to commercial clients using at least 100 kilowatts per month and expects to offer power to smaller clients soon.

Russian mining and steel company Mechel Open Joint Stock Company (NYSE: MTL) purchased Romania's Ductil Steel for approximately $221 million.

Rising gold prices lifted shares of Gold Fields Ltd. (NYSE: BA).

On the downside

AMAG Pharmaceutical (Nasdaq: AMAG) chief executive Brian Pereira realized $6.5 million in gains in 2007 after exercising stock options.

MSCI (NYSE: MXB) announced sharply lower first quarter earnings and said that parent company Morgan Stanley (NYSE: MS) will sell a 28% stake in the company.

A federal judge sustained a $362 million lawsuit against Westwood One (NYSE: WON) by Pompano Helicopter that alleges that Westwood One engaged in unfair, slanderous and deceptive trade practices.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 698.

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