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Dow Plunges 350 Points As Oil Hits New High

wall st1.jpgU.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.

General Motors Corp., the largest U.S. automaker, plunged the most in three years as Goldman Sachs Group Inc. advised selling the stock and crude rose by $5 a barrel. Citigroup Inc. led an index of financial shares to a five-year low as Goldman said the lender may report an $8.9 billion second-quarter charge and cut its dividend. Research In Motion Ltd., maker of the BlackBerry, posted its biggest drop since 2002 on concern competition with Apple Inc.’s iPhone is reducing earnings

Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.

The Dow Jones industrial average closed down 355 points at 11,456,

(Source: Bloomberg / WNBC)

One Response

  1. And the market tumbled 1000 points under Clinton and didn’t recover until June 2006, but the media didn’t make a big deal because he was a democrat.

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