Dow Plummets Below 12K

Unemployment claims, oil prices lead to drop
By Evann Gastaldo,  Newser Staff
Posted Jun 23, 2011 10:26 AM CDT
Dow Plummets Below 12K
Trader Gerard Farco works on the floor of the New York Stock Exchange Wednesday, June 22, 2011.   (Richard Drew)

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. (More unemployment stories.)

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