Wall Street declines further

CNBC's Betha Coombs -The oil records just keep falling and prices continue to rise at an unrelenting pace, spurting up second day of losses on Wall Street on Wednesday. Stocks extending their decline after the release of the Fed minutes. The Federal Reserve is revising its forecast for higher inflation and higher unemployment in 2008, signaling the end of rate cuts.

The Dow slipping 227 points, the S&P falling 23 and the NASDAQ down a whopping 44 points after an unexpected drop in weekly inventories sending energy names to fresh new highs and airline stocks into double digit  free fall to new lows.

AMR the parent company of American Airlines was the biggest decliner sliding 25% after announcing it was cutting capacity of up to 12% in order to combat soaring fuel debt prices.

A turbulent day for Moddy's shares as well sinking 16% after a Financial Times report claimed the rating agency in correctly awarded AAA ratings to complex debt products back in 2006 due to a computer coding error.

Wall Street action

• Stocks extended their 2nd day of decline after release of the Fed minutes & surge in crude prices
• Fed cuts GDP growth forecast, raises inflation & unemployment outlook
• Dow down 227 pts, S&P 500 down 23 while the Nasdaq down 44 pts
• American Airlines shares down 24%