Closing Bell Report

The markets closed lower despite retreating oil prices after Federal Reserve Chairman Ben Bernanke warned that a recession was certain without the $700 billion bailout plan.  The Dow plummeted 162 points to 10,854 while Nasdaq plunged 26 points to 2153.

On the upside

Intel (Nasdaq: INTC) announced that its global investment unit Intel Capital will pay $20 million to acquire an unspecified stake in Telligent Systems.

The American Antitrust Institute recommended that the deal between Google (Nasdaq: GOOG) and Yahoo (Nasdaq: YHOO) should proceed with certain limits.

Despite a late afternoon sell off of financial stocks, shares of National City (NYSE: NCC) rose to close higher.

On the downside

One of Energy Conversion's (Nasdaq: ENER) largest clients cut its guidance citing financial crisis in the U. S along with the expiration of the Investment Tax Credit.

Shares of Avis Budget Group (NYSE: CAR) tumbled after rival Dollar Thrifty Automotive's (NYSE: DTG) earnings warning.

Aircastle (NYSE: AYR) announced that it entered a five year $206.6 million senior secured debt facility.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 11 points to 709.