Wall Street Gets Whacked

Meanwhile, crude prices topped $96 a barrel for the first time ever in electronic trading. The front-month December contract, though, ended with a loss of $1.04 at $93.49 a barrel.

Exxon Mobil wasn't the only energy name reporting, as both Marathon Oil (MRO Quote) and Tesoro (TSO Quote) said profits fell year over year, with soft margins playing a considerable role in the declines. Marathon lost 2.5% to $57.67, and Tesoro dropped 5.4% to $57.29.

Elsewhere, Sprint Nextel (S Quote) fell after its earnings slumped, while CVS Caremark (CVS Quote) and Eastman Kodak (EK Quote) topped estimates.

Sprint fell 3% to $16.58, CVS closed lower by 1.5% at $41.03, and Kodak lost 3.1% to $27.76.

Medco Health (MHS Quote) reported a third-quarter profit that rose 16% from a year ago and beat Wall Street's expectations, although revenue missed targets. The company also raised guidance for 2007. Medco finished up $2.25, or 2.4%, to $96.63.

Dominion Resources (D Quote) reported a third-quarter profit that tripled year-ago results, but PG&E (PCG Quote), on the other hand, reported a 29% decline in earnings from a year ago. Dominion slumped 1.7%, and PG&E slid 5.5%.

On the economic front, the Commerce Department said personal income rose 0.4% in September, as expected. The report also noted that disposable personal income increased 0.4%, and personal consumption expenditures increased 0.3%.

"Consumer spending continued to support economic growth through the third quarter," said Peter Morici, professor at the University of Maryland School of Business and former chief economist at the U.S. International Trade Commission. "However, with rising energy prices, a sluggish jobs market and falling home values dragging on consumer confidence, consumer spending will grow slowly in fourth quarter."