Markets Plummet, Oil Spikes, Unemployment Leaps

US stock indexes fell hard today on high unemployment numbers and record oil prices. The DJIA gave back -394.64 to 12209.81, the Nasdaq fell -75.38 to 2474.56 and the S&P 500 dropped -43.37 to 1360.68.

JP Morgan (JPM | Quote | Chart | News | PowerRating) led the indexes lower on the highest unemployment rate in 22 years, falling 4.96% or $2.09 to $40.01/share.

Washington Mutual (WM | Quote | Chart | News | PowerRating) tumbled 13.24% or $1.14 to $7.45/share due to speculation of growing consumer defaults.

Capital One Finance (COF | Quote | Chart | News | PowerRating) fell 6.97% or $3.46 to $46.07/share on consumer default concerns.

Concho Resources (CXO | Quote | Chart | News | PowerRating) climbed 10.97% or $3.57 to $36.10/share after announcing expansion plans in the Permian Basin.

Oil spike to an all time high, adding $9.94 to $137.73/barrel. Gold jumped $23.50 to $899.00/oz and the VIX spiked 27.11% to 23.67.