Lower close as crude oil prices slip

Retreating crude oil prices weighed the markets down to a lower close with the Dow falling 62 points to 16,370. Nasdaq lost 16 points to 4,805.

On the upside

Wyoming regulators granted the renewal of two permit applications that were submitted by Arch Coal (NYSE: ACI).

Shares of Itau Unibanco Holding (NYSE: ITUB) rose after the Brazilian government announced that it was developing an austerity plan to eliminate a projected budget deficit.

Bloomberg reported that Chico's FAS (NYSE: CHS) may be acquired.

On the downside

Shares of Bill Barret (NYSE: BBG) fell on lower crude oil prices.

Alcoa (NYSE: AA) will idle its Suralco refinery.

Yahoo (Nasdaq: YHOO) chief marketing officer Kathy Savitt resigned her position in order to join STX Entertainment.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 fell 8 points to 1,953. Bitcoin added $1 to $229.
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