Source: MSNBC -- Read Full Story

Wall Street extended its losses Wednesday as a rise in oil prices and a profit warning from United Parcel Service Inc. raised investors’ anxiety about the well-being of the economy. Technology names were among the steepest decliners, with the tech-dominated Nasdaq composite index falling more than 1 percent. The surge in oil prices weighed on transportation stocks and contributed to a pessimistic tone in the market. Crude prices jumped following a government report showing U.S. inventories fell by more than expected last week. The rise hurt shares of airline and trucking companies, which have already struggled with high fuel costs.