Closing Glance: Rails, shippers sink as oil nears $124

Light, sweet crude for June delivery hit a new record of $123.80 on the New York Mercantile Exchange before slipping slightly to settle up $1.69 at a record $123.53 a barrel.

Here's how major players finished Wednesday:

Union Pacific Corp., down $3.86, or 2.6 percent, to $145.07.

Burlington Northern Santa Fe Corp., down $2.93, or 2.8 percent, to $102.43.

CSX Corp., down $2.27, or 3.5 percent, to $62.81.

FedEx Corp., down $3.92, or 4 percent, to $93.75.

United Parcel Service Inc., down $1.75, or 2.4 percent, to $71.58.