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Dow Plunges 300 Points
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| Contributor | RP |
| Last Edited | RP Jun 06, 2008 02:44pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Saturday, June 7, 2008 08:00:00 PM UTC0:0 |
| Description | A remarkable rise in the price of crude oil, twinned with a spike in the unemployment rate, shook up Wall Street on Friday as stock markets suffered their worst losses in more than two months.
The Dow Jones industrials plunged more than 330 points on fears about high energy prices and a continued economic slowdown, raw nerves that have pestered investors for months.
Markets opened lower after the government reported that the unemployment rate in May had its highest monthly increase in 22 years. But the decline accelerated as investors confronted a $10.75 jump in the price of crude oil, the biggest one-day climb ever.
“If oil prices stay this high, you’re going to have to reexamine your estimates for G.D.P., inflation and consumers’ ability to spend outside of non-discretionary items,” Ms. Krosby said. “This has all of the elements of an investor’s worst-case scenario.”
Oil prices surged almost 8 percent, to $138.54 a barrel after a senior Israeli politician raised the specter of an attack on Iran and the dollar fell against the euro. |
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