The markets opened lower on Friday and then just kept falling, hit by remarkable rise in the price of crude oil and a spike in the unemployment rate.
Wall Street suffered its worst losses in more than two months.
The Dow Jones industrials plunged more than 400 points on fears about high energy prices and a continued economic slowdown, raw nerves that have pestered investors for months.
“The market is meeting its worst fears right now,” said Quincy Krosby, chief investment strategist at The Hartford, a financial services firm.
At the close, the Dow was off 3.13 percent, at 394.64. The broad-based Standard & Poor’s 500-stock index fell 43.37 points, or 3 percent, to 1,360.68, and the technology-laden Nasdaq composite index declined 75.38 points, or 2.96 percent, to 2,474.56. Shares opened lower after the government reported that the unemployment rate in May had its highest month
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