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Market Update : 
U.S. Stocks Drop 3%; Gold Up 3%, Oil Up $10.75
Author: 123jump.com Staff
123jump.com
Last Update: 6:30 PM EDT June 06 2008

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The indexes S&P 500, Dow and Nasdaq dropped 3% on unemployment report, record surge in oil and gold prices and worries of economic slow-down. WaMu Inc led the decliners in the S&P 500 index with a loss of 12.5% followed by losses in MGIC Investment Corp of 11.3%, in Ambac Financial of 10.3% and in Pulte Homes of 10%. AIG led the decliners in the Dow Jones Index with a loss of 6.8% followed by losses in American Express of 5.8%. Of the S&P 500 stocks, 286 lost more than 3%.

 
Commodities, Metals, and Currencies

Crude oil increased $10.37 to close at $138.16 a barrel for a front month contract, natural gas increased 16 cents to $12.66 per mBtu, and gasoline futures increased 6.02 cents to close at 353.51 cents per gallon.

Gold increased $23.50 in New York trading to close at $899.50 per ounce, silver closed up 26 cents to $17.43 per ounce, and copper for front month delivery increased 8 cents to $3.62 per pound.

Wheat futures increased 25.50 cent in Chicago trading and closed at $8.11 per bushel. Sugar increased 18 cent to $9.74 per pound. Soybean future closed up 5 cents to $14.57 a bushel.

Dollar edged lower and traded near record low against euro to $1.5778 and fell against yen to 104.92.

Yields on U.S. bonds decreased to 3.91% with 10 years of maturities and decreased to 4.62% with 30-year of maturities.
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