Crude oil prices rose to settle at a record $140.21 a barrel sending the markets tumbling with the Dow dropping 107 points to 11,347. Nasdaq slipped 6 points to 2316.
On the upside
VeraSun Energy (NYSE: VSE) will introduce a new ethanol blend for flexible fuel vehicles.
Shares of Rite Aid (NYSE: RAD) recovered after yesterday's steep losses when the company reported a larger than expected loss.
On the downsideA shareholder group that owns nearly an 8% stake in Select Comfort (Nasdaq: SCSS) has demanded that the mattress maker act to improve shareholder value and has requested that chief executive William R. McLaughlin be removed from office.
D. A. Davidson analyst Tim Ramey downgraded Smithfield Foods (NYSE: SFD) while Standard & Poor's cut it ratings for the company citing challenging economic conditions.
An analyst downgraded International Game Technology (NYSE: IGT) over concerns that gambling revenue will fall as consumers grapple with soaring gas prices and an uncertain economy.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 698.