7 of 8
BACKNEXT
June 6 - Oil, unemployment soar
June 6 - Oil, unemployment soar
Dow closed at: 12,209.81
Change in points: -394.64
Percentage change: -3.13%

On what was the year's worst day on Wall Street before the credit crisis hit, market investors sold off as crude oil prices soared.

Oil jumped $10.75 that Friday to $138.54, rising $16 in two sessions. Crude oil prices skyrocketed in response to a Morgan Stanley analyst's note that said oil could hit $150 a barrel by July 4. It nearly did, peaking at $147.27 on July 11.

The spike exacerbated worries about consumer spending, already stretched as gas prices neared a national average of $4 a gallon. As a result, demand for fuel plummeted and oil and gas prices came tumbling down in the late summer.

Stocks also dropped on a Labor Department report that showed that the unemployment rate shot up to 5.5% from 5%. It was the biggest one-month surge in that measure in more than 20 years.

The report suggested to investors that the economy could be in a recession, despite the more than $100 billion in government stimulus checks sent to millions of tax filers throughout the spring.

NEXT: Oct. 13 - Biggest gain ever stops 2,400-point slide
Last updated December 29 2008: 2:39 PM ET
More Galleries
15 top executives with $1 salaries Some CEOs and founders agree to salaries of just $1 a year. But once goodies like bonuses and stock options are added in, some of those executives end up taking home many millions of dollars a year. More
Mercedes SL65 AMG: 621 horses of topless power Turn heads as you blow by traffic in this roadster convertible from Mercedes. More
Where the middle class is most unequal CNNMoney looks at the five states with the biggest differences in middle class incomes. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.