Stock Indexes Melt Down, Oil Surges, Gold Shines

• June 26, 2008
• David Goodboy

US stock indexes hit yearly lows today on credit concerns and surging oil prices. The DJIA plummeted -358.41 to 11453.42, the Nasdaq was knocked down -79.89 to 2321.37 and the S&P 500 spiked down -38.82 to 1283.15.

General Motors
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Citigroup
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AutoZone
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Bed Bath and Beyond
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Gold rocketed up $32.80 to $915.10/oz, Oil climbed $5.22 to $139.77/barrel and the dollar fell again against the Euro.

Market Snapshot

Dow -358.41 11453.42 NASDAQ -79.89 2321.37 S&P 500 -38.82 1283.15

Economic News

Durable Orders (May): Actual 0.0%, Consensus 0.0% New Home Sales (May): Consensus 510K, Prior 525K Chain Deflator-Final (Q1): Consensus 2.6%, Prior 2.6% GDP Final (Q1): Consensus 1.0%, Prior 0.9% Initial Claims (06/21): Consensus 375K, Prior 381K Existing Home Sales (May): Consensus 4.95M, Prior 4.89M Personal Income (May): Consensus 0.4%, Prior 0.2% Personal Spending (May): Consensus 0.7%, Prior 0.2% Crude Inventories (06/21): Consensus NA, Prior -1242K PCE Core Inflation (May): Consensus 0.2%, Prior 0.1%