Markets Plummet, Oil Spikes, Unemployment Leaps

• June 6, 2008
• David Goodboy

US stock indexes fell hard today on high unemployment numbers and record oil prices. The DJIA gave back -394.64 to 12209.81, the Nasdaq fell -75.38 to 2474.56 and the S&P 500 dropped -43.37 to 1360.68.

JP Morgan
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PowerRating) led the indexes lower on the highest unemployment rate in 22 years, falling 4.96% or $2.09 to $40.01/share.

Washington Mutual
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PowerRating) tumbled 13.24% or $1.14 to $7.45/share due to speculation of growing consumer defaults.

Capital One Finance
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PowerRating) fell 6.97% or $3.46 to $46.07/share on consumer default concerns.

Concho Resources
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PowerRating) climbed 10.97% or $3.57 to $36.10/share after announcing expansion plans in the Permian Basin.

Oil spike to an all time high, adding $9.94 to $137.73/barrel. Gold jumped $23.50 to $899.00/oz and the VIX spiked 27.11% to 23.67.

Market Snapshot

Dow -394.64 12209.81 NASDAQ -75.38 2474.56 S&P 500 -43.37 1360.68

Economic News

Durable Orders (Apr): Actual -0.5%, Consensus -1.5% Chain Deflator-Prel. (Q1): Consensus 2.6%, Prior 2.4% GDP-Prel (Q1): Consensus 0.9%, Prior 0.6% Initial Claims (05/24): Consensus 370K, Prior 365K Crude Inventories (05/24): Consensus NA, Prior -5317K Personal Income (Apr): Consensus 0.2%, Prior 0.3% Personal Spending (Apr): Consensus 0.2%, Prior 0.4% PCE Core Inflation (Apr): Consensus 0.1%, Prior 0.2% Chicago PMI (May): Consensus 48.5%, Prior 48.3% Mich Sentiment-Rev (May): Consensus 59.5, Prior 59.5%