Dow Jones plunges nearly 400 points
- added June 6, 2008
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- merasyad
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The markets opened lower on Friday and then just kept falling, hit by remarkable rise in the price of crude oil and a spike in the unemployment rate.
Wall Street suffered its worst losses in more than two months.
The Dow Jones industrials plunged more than 400 points on fears about high energy prices and a continued economic slowdown, raw nerves that have pestered investors for months.
At the close, the Dow was off 3.13 percent, at 394.64. The broad-based Standard & Poor’s 500-stock index fell 43.37 points, or 3 percent, to 1,360.68, and the technology-laden Nasdaq composite index declined 75.38 points, or 2.96 percent, to 2,474.56.Shares 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.
The last time the Dow fell this far was March 19, a day after the Fed slashed rates by three-quarters of a point.
Wall Street suffered its worst losses in more than two months.
The Dow Jones industrials plunged more than 400 points on fears about high energy prices and a continued economic slowdown, raw nerves that have pestered investors for months.
At the close, the Dow was off 3.13 percent, at 394.64. The broad-based Standard & Poor’s 500-stock index fell 43.37 points, or 3 percent, to 1,360.68, and the technology-laden Nasdaq composite index declined 75.38 points, or 2.96 percent, to 2,474.56.Shares 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.
The last time the Dow fell this far was March 19, a day after the Fed slashed rates by three-quarters of a point.
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oops. They may not be able to prop up this dirty little secret much longer. Just in time for an election and another war. How Bout That!
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It's Friday. It'll come back on Monday. After all, the market also reflects the profits of the oil companies and the Defense contractors. But it is a hallow economy and it will collapse under it's own weight. The only question is when?
Not that long ago, all the income to the wealthy over 3 million dollars was taxed at 70%. NOTHING has improved since Republicans have reduced that tax rate.
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