Stock Market: Oil Price, Dow Jones, and NYSE Markets Plunge Down over 500 Points amid Economic Reports – Gold Prices Continue Record Climb

With one of the worst drops since the crash of 2008, the stock market was off by more than 500 points today. The drops were felt across the markets on the DJIA the NYSE and the NASDAQ. The oil prices were also impacted by the economic reports.

Earlier today, the Labor Department released data indicating that the number of people applying for unemployment benefits was down last week. While the news sounds good to some, analysts saw it more as a sign that the employment market is still not improving. This new data, along with an influx of negative economic data over the last several days led to the massive drop in the stock prices today.

Other factors leading to the stock price drop is that many investors are in a sell off in an attempt to protect their capital before monthly unemployment data is released tomorrow.
Oil prices fell to levels today not seen since February as the price of light sweet crude closed aroung $86 per barrel.

While the drop in the price of oil should lead to slighty lower gas prices, its drop is part of an overall economic decline. So while consumers may save at the pump they will likely lose in other areas including their retirement plans.

Gold prices continued their climb this week and appear to be the only safe bet for the near term as the global economy continues to tumble along with the economic ups and downs of nations around the world. Today the price of gold hit record highs, rising to as much as $1,682.70 per ounce.