Stocks Crushed By Unemployment, Oil News
Wall Street plunged Friday on two troubling economic developments: oil prices that surged more than $9 a barrel to a fresh record and a jump in unemployment that was much larger than the market anticipated. The Dow Jones industrial average dropped more than 350 points.
The decline in stocks also helped drive bond prices sharply higher as investors sought a more secure place for their money.
Crude oil has seen a huge rebound this week after falling amid a drop in demand for gasoline. The jump continued Friday; light, sweet crude set a high of $138.36 before edging down to trade up $10.28 at $138.10 a barrel on the New York Mercantile Exchange. The surge followed a Morgan Stanley shipping analyst's prediction that would reach $150 a barrel by July 4, a decline in the dollar and fresh tensions in the Middle East.
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#1 Jun 9, 2008
Good time to BUY.
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