Freaky Friday on Wall Street; DOW Drops 395 points.

[tekisui]

The Dow's 395-point drubbing is its biggest one-day point loss in 15 months, after crude prices' largest one-day advance ever and a poor jobs report.

NEW YORK (CNNMoney.com) -- Stocks tanked Friday, with the Dow industrials shedding 395 points, after oil prices spiked more than $11 a barrel and the May jobs report showed a big jump in the unemployment rate.

Bond prices surged, as investors sought safety in government debt, while the dollar tumbled versus the yen and euro.

The Dow Jones industrial average (INDU) lost 395 points, or 3.1%, its biggest one-day decline on both a point and percentage basis since February of 2007, at the start of the subprime mortgage crisis.

The broader Standard & Poor's 500 (SPX) index lost 3.1%, while the Nasdaq composite (COMP) lost 3%. Both saw their biggest one-day declines on both a point and a percentage basis in more than four months.

The unemployment rate shot up to 5.5% in May from 5.0% in April, the government reported, marking the biggest one-month surge in over 20 years. The report was a clear indication that the economy could be in a recession after all, despite some recent bets that one could be narrowly avoided.

As rattling as the unemployment number was, the stock market was even more spooked by the spike in oil prices, said Bill Stone, chief investment strategist at PNC Wealth Management.

more at link: http://money.cnn.com/2008/06/06/markets/markets_newyork/?postversion=2008060617

[marmar]

1. Well, the Ponzi scheme economy was nice while it lasted......

..... for some people, anyway.

[lonestarnot]

2. One of bushitler's finest hours.

That evil mothafucka!

[whistle]

3. Just wait until Monday...a 20% to 25% correction is coming as reality shows

...Bush's economic stimulus is a complete fraud amounting to little more than whale piss in the ocean

[BrotherBuzz]

4. The boys in the backroom spent big dollars to keep it under a four hundred point drop

[ramapo]

5. The Dow goes up, the Dow goes down

It is a game folks and you can lose a lot of money in a hurry if you're not up to it.