The unemployment rate rose a half of a percentage point to reach 5.5% in May. This is the biggest monthly rise in 22 years. The Dow gave up all (and more) of yesterday’s triumph of hope over experience.
Other bad news:
Oil jumped nearly $11 to close at a record $138.54 a barrel today.
Home foreclosures reached a record high in the first quarter of 2008 to nearly 1% of all homes.