Dow Plummets Almost 400

Weekly loss of 3.5% off jobs, crude
By Nick McMaster,  Newser Staff
Posted Jun 6, 2008 3:22 PM CDT
Traders on the floor of the New York Stock Exchange keep an eye on the monitors in this undated file photo.   (Getty Images)
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(Newser) – The markets took huge losses today, battered by $139 oil and the worst unemployment report in 4 years, MarketWatch reports. The Dow fell 394.64 to close at 12,209.81, and down 3.5% for the week. The Nasdaq fell 75.38 to 2,474.56, a 1.9% weekly loss, and the S&P 500 fell 43.37 to 1,360.68, 2.9% on the week.

Crude briefly topped $139 and closed up $11.19 at $138.54 as bellicosity between Israel and Iran fueled fear of supply shortages and encouraged the equity selloff. AIG and Intel both dropped after word broke that they were under investigation by the SEC and FTC, respectively. "You have to position a portfolio for below-trend growth in the U.S.," one analyst told Bloomberg.