Dow Plummets Below 12K

Unemployment claims, oil prices lead to drop
By Evann Gastaldo,  Newser Staff
Posted Jun 23, 2011 10:26 AM CDT
Trader Gerard Farco works on the floor of the New York Stock Exchange Wednesday, June 22, 2011.   (Richard Drew)

(Newser) – The number of unemployment claims jumped to 429,000 last week, an unexpected rise that led the Dow Jones industrial average to fall below 12,000. Falling oil prices—they decreased 5% today—also drove US stocks lower, the AP reports. The Dow was down recently more than 215 points, while the Standard & Poor's 500 index was down 21 points and the Nasdaq had dropped 29 points. The rise in unemployment claims is the largest in four weeks.

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