Updated from 1:46 p.m. EDTBears had the edge Thursday as crude's sojourn below $60 a barrel hammered energy stocks without producing a corresponding benefit for the broader market. Crude for November delivery finished down $1.38 to $61.03 a barrel, the lowest close since the end of July. The contract dipped below $60 earlier in the session. The slide came after a bearish report on natural gas inventories. But given an equivalent slide in energy stocks, the market was unable to find relief. The lack of a positive response reflected the market's other concern of late: corporate earnings guidance. On Thursday, disappointing forecasts from eBay ( EBAY) and Pfizer ( PFE) and a huge loss at Ford ( F) kept stocks from reprising the impressive rally seen Wednesday afternoon. After soaring 1.71% and leading the market higher on Wednesday, the Nasdaq Composite was recently down 23 points, or 1.1%, at 2069, following the disappointment from eBay, which was down 6.7%. Ford and Pfizer were also weighing on the Dow Jones Industrial Average, which was down 124 points, or 1.2%, at 10,290. Some trend-watchers were also pointing to the key -- and today negative -- role being played by the energy sector. The Dow, for one, suffered from a 3.4% drop in Exxon Mobil ( XOM). But most of the impact was being felt on the S&P 500, recently down 17 points, or 1.4%, at 1179. The market-cap-weighted broad index was weighed down by hefty drops in the energy sector. The Amex oil index was also sliding, losing 3.32% in recent action, led by big drops in Amerada Hess ( AHC), ConocoPhilips ( COP), Marathon Oil ( MRO) and Valero Energy ( VLO), which were all losing more than 4%. "The energy sector is still the 800-pound gorilla for this market," says Jack Ablin, chief investment officer at Harris Trust. Even after falling sharply in the first two weeks of October -- the Amex Oil Index dropped 13.8% from Sept. 30 through the close of trading on Oct. 17 -- the energy sector still accounts for 9.5% of the total market capitalization of the S&P 500, according to Zacks Investment Research.