Democratic Talk Radio Blog

NEW YORK, June 6 (Reuters) - U.S. stocks plunged on Friday, causing the Dow to end down nearly 400 points, on renewed fears that the U.S. economy is threatened by 1970s-style stagflation after government data showed the jobless rate jumped the most in 22 years in May and the price of oil surged to a record above $139 a barrel.

Based on the latest data, the Dow Jones industrial average .DJI fell 394.64 points, or 3.13 percent, to end unofficially at 12,209.81. The Standard & Poor’s 500 Index .SPX slid 43.37 points, or 3.09 percent, to finish unofficially at 1,360.68.

The Nasdaq Composite Index .IXIC tumbled 75.38 points, or 2.96 percent, to close unofficially at 2,474.56.

For the week, the Dow dropped 3.5 percent, the S&P 500 fell 2.6 percent and the Nasdaq shed 1.9 percent. (Reporting by Ellis Mnyandu; Editing by Jan Paschal)

http://www.reuters.com/article/usMktRpt/idUSN06146720080606

This entry was posted on Friday, June 6th, 2008 at 5:25 pm and is filed under Labor Issues, Energy Issues, Economics, Employment. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.