Stocks took a late-afternoon dip after the Federal Reserve dropped its GDP outlook and said the recession may last longer than expected, with worse unemployment than previous estimates. Oil prices closed above $60 for the first time since November on a decline in inventories and a weak dollar. The Dow Jones Industrial Average dropped 52 points at 8422. For a complete rundown of Wednesday s trading session see our market story.

Winners

The Energy Department announced Wednesday crude inventories fell last week by 2.1 million barrels. That and a falling dollar caused oil to jump to over $60 a barrel and pushed the United States Oil fund (USO) up 3.3%. Energy prices also helped the Market Vectors Russia fund (RSX) gain 4.3%.

Losers

Profit taking and worsening expectations for the economy once again hit the SPDR KBW Regional Banking ETF (KRE), which shed 4.5%. Shares of Regional Bank HOLDRS (RKH) lost 3.1%. The SPDR Utilities Select Sector fund (XLU) dipped 1.8% over concerns about a proposed acquisition by major holding Exelon (EXC).

Thursday s Notebook

Earnings and Conference Calls
Accelrys, Aeropostale, Autodesk, Barnes and Noble, Bon-Ton Stores, Cost Plus, Dress Barn, Excel Maritime Carriers, Foot Locker, Gamestop, Gap, Hormel Foods, Investec, Kirkland's, Lenovo Group, New York & Co., Pacific Sunwear of California, Red Robin Gourmet Burgers, Ross Stores, Salesforce.com, Stein Mart, Zumiez

Economic Data
8:30 a.m. Initial Jobless Claims
10:00 a.m. May Philadelphia Fed Business Index
10:00 a.m. April Conference Board Leading Indicators
10:00 a.m. DJ-BTMU Business Barometer
10:30 a.m. May 15 EIA Natural Gas Inventories

A look at how the industry's most popular ETFs did on Wednesday: