After spending a lot of time rearranging, changing, testing and researching, I finally caught on. Thanks!
$id = $_POST['sel_record'];
$sort = $_POST['sort'];
for($i=0;$i<count($id);$i++){
$sql = "UPDATE invest SET sort='$sort[$i]' WHERE id='$id[$i]'";
$sql_result = mysql_query($sql,$con)
or die (mysql_error());