Dow plunges as oil prices break records

June 6, 2008 

The Dow Jones industrials lost more than 400 points on the day today after news of record high oil prices and an increase in unemployment. 
Friday's nearly US$11 per barrel increase in the July contract for crude oil on the New York Mercantile Exchange (NYMEX) is the largest singe-day increase in oil price history. The July contract hit $139.12, breaking the previous record. The July contract settled at $138.54, also a new record. The previous record for the July contract was $135.09 and was set on May 22. Trading in the July contract terminates on June 20. 
Stephen Schork, an oil industry analyst and editor of the "Schork Report," said, "The bulls are running rampant and the bears have panicked...It's pure hysteria, absolute panic."
Dow plunges as oil prices break records June 6 , 2008 The Dow Jones industrials lost more than 400 points on the day today after news of record high oil prices and an increase in unemployment . Friday 's nearly US$ 11 per barrel increase in the July contract for crude oil on the New York Mercantile Exchange ( NYMEX ) is the largest singe - day increase in oil price history . The July contract hit $ 139.12 , breaking the previous record . The July contract settled at $ 138.54 , also a new record . The previous record for the July contract was $ 135.09 and was set on May 22 . Trading in the July contract terminates on June 20 . Stephen Schork , an oil industry analyst and editor of the " Schork Report , " said , " The bulls are running rampant and the bears have panicked ... It 's pure hysteria , absolute panic . "
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