Photograph of trader Al Young sitting as the bad news keeps coming by /Richard Drew/AP
The Dow plummeted 358 points to end at 11,453, after bad news about brokerages and the ever increasing price of oil. Bloomberg News summed it up this way:
U.S. stocks tumbled, sending the Dow Jones Industrial Average to its worst June since the Great Depression, as record oil prices, credit-market writedowns and a slowing economy threatened to extend a yearlong profit slump.
An analyst told USA Today, "Now we've got oil touching $140. We still have a credit crunch. We still have banks trying to deleverage. Consumers aren't getting credit. There's no reason for things to go higher and lots of reasons for them to go down."
