Wall Street plunged Friday, with the Dow Jones industrials closing down more than 400 points after oil prices shot higher in the biggest one-day gain ever and neared $140 for the first time.
Friday, June 6, began with reports of the biggest one-month increase in the unemployment rate in 22 years – growing from 5 percent to 5.5 percent. Then the price of oil, which rose more than $11 and traded as high as $139.12, sent stocks lower throughout the session.
Some often-cited reasons that investors were frantically pulling money out of stocks were geopolitical jitters, a dollar decline, and a forecast by some oil experts that oil would hit $150 by July 4.
“It’s pure hysteria,” one industry analyst told CNNMoney.com.