Opening Bell Report
Record high oil prices continued to worry investors. The Dow had opened higher but quickly fell 24 points to 12,804 while Nasdaq rose 3 points to 2494.

On the upside

Time Warner (NYSE: TWX) announced plans to spin off its cable television business and a dividend to shareholderes.

The rally among global oil companies continued as shares of Petroleo Brasileiro (NYSE: PBR) surged to a new record high.

Commodity prices also rose to lift gold mining stocks. Shares of Barrick Gold (NYSE: ABX) and Yamana Gold (NYSE: AUY) surged.


On the downside

Oil prices jumped above $130 a barrel and weighed down the airline sector. American Airlines (NYSE: AMR) announced plans to cut jobs and reduce capacity in order to counter rising fuel costs.

Chesapeake Energy (NYSE: CHK) priced a $2 billion senior note offering.

Shares of Moody's (NYSE: MCO) tumbled after the credit ratings agency had accidentally gave top ratings to debt notes due to a computer error in 2007 according to a Financial Times report.

In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE and by more than 5 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 737.

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