Dow Jones industrials plummet on jobs, energy

06 June 2008 23:19  [Source: ICIS news]

HOUSTON (ICIS news)--The Dow Jones industrial average fell on Friday by 394.64 points to reach 12,209.81, as crude oil prices soared and US employment tanked.

NYMEX light sweet crude futures for July delivery settled at a record $138.54/bbl, up $10.75. The NYMEX June contract  for reformulated gasoline blendstock for oxygenate blending (RBOB) settled at a record high of $3.548/gal.

In addition, the US Department of Labor said that the May unemployment rate was 5.5%, up from April's 5%. It marked the largest monthly increase since 1986.

The stock of many commodity chemical producers followed the Dow Jones. Celanese shares traded at $47.57, down 3.27%.

Shares of Dow Chemical traded at $38.78, down 2.92%.

Georgia Gulf was one of the few companies to report an increase. Its shares traded at $5.09, up 1.8%.

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By: Al Greenwood
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