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Not even positive earnings or strong guidance were enough to compete with fear over economic cooling in trading on Wednesday. A nine day losing streak is discouraging even oil bulls.

Stocks fell steeply today as key economic numbers and the European financial crisis continues to scare off investors. Gold continues its advance to new highs, while oil drops.

Energy stocks were up but mostly stagnant today as dueling economic elements and general market haziness had investors playing it safe. Smaller energy companies appeared to have the most luck, as lower risk looked more appealing.

The broader energy sector sunk today as debt concern and a rising dollar pushed shares of major oil companies lower. At $87 a barrel some analysts are worrying major companies will engage in fewer projects in the upcoming months.

Worries over the payroll reversed gains from yesterday's positive manufacturing reports within the energy sector. Natural gas got a boost on several Wells Fargo upgrades.