Up-and-down markets end lower as oil prices surge

First they were down, then they were up, then they were down -- and then the closing bell rang.

Surging oil prices boosted energy stocks and pushed transportation companies' shares lower, as the Dow Jones Industrial Average and the S&P 500 each slipped 1.1 percent to 7,271 and 765, respectively, and Nasdaq fell 1.14 percent to 1,425. Airlines stocks suffered, with Airtran (AAI) and US Airways Group (LCC) each falling more than 9 percent.