Deal Stocks in the airline sector took a direct hit from the oil gain. Pending merger partners Delta Air Lines Inc. and Northwest Airlines Corp. slipped 11.39% to $4.90 per share and 13.19% to $5.66, respectively. Delta late last month reached an agreement with its pilots and aviators at Northwest, clearing a key hurdle in its planned $2.1 billion acquisition of Northwest.
Circuit City Stores Inc. dipped 9.02% to close Wednesday at $2.32 per share following news that Blockbuster Inc. dropped its proposal to buy the company at $6 to $8 per share.
The troubles in the financial services world continue as lender CIT Group Inc. slid 4.87% to close at $9.40 per share on Wednesday paring a near 10% gain on Tuesday. Earlier in the week, the Livingston, N.J., firm sold its mortgage business to Lone Star Funds and its manufactured housing business to Vanderbilt Mortgage and Finance Inc. at a significant discount. - Michael Rudnick
The bears ran rampant through the Deal Stocks and the broader market on Wednesday following a record oil rise as crude ticked up $2.60 to settle at $143.57 per barrel. The Dow Jones Industrial Average sank 166.75 points to close at 11,215.51. 
