Wall Street turmoil

Shares on Wall Street plummet* 3%

Leading US stock market indexes have plummeted around 3% after the price of oil soared* to yet another record high.

The Dow Jones index of 30 leading shares fell nearly 400 points to close at 12,209 - a drop of 3.13%.

The S&P500, seen as a better market barometer, fell 43 points to 1,360.68, while the technology-heavy Nasdaq shed 75 points to close at 2,474.

Investor confidence had been shaken by a sharp increase in US unemployment, and a jump of $11 in the price of oil.

It was the largest one-day rise in the history of US oil markets, with one barrel of light crude oil now trading for around $139.

Earlier in the day markets had been surprised by a sudden rise during May in the US rate of unemployment, from 5% to 5.5% - the sharpest increase in more than two decades.

Financial services firms and airlines were the biggest losers on Wall Street, with United Airlines down nearly 15%, Washington Mutual down 12.5%, and Northwest Airlines, Continental and American Airlines all seeing their shares drop just under 9%.

The bad economic news from the United States had also startled European investors, with London's FTSE 100 index falling 1.48%, Frankfurts Dax shedding 1.99% and the Cac 40 in Paris down 2.28%.


Vocabulary Focus

*plummet means to fall rapidly while *soar means to rise rapidly. Look at the following ways to describe increases and decreases:

• There has been a dramatic increase in mobile phone sales over the last 10 years...
• .....while there has been a steady decrease in the number of people buying radios.
• The number of people buying on-line has risen sharply.
• Advanced bookings have dropped slightly this year.
• Binge drinking is on the increase among youngsters.
• Consumer confidence is continuing to tumble.
• Inflation climbed to a peak of 7.5%.
• The government's opinion poll rating has sunk to it's lowest ever.
• Crime rates have shot up since this government came to power.
• House prices have diminished substantially recently.
• Unemployment went up steadily last year but this year it seems to have levelled off.
• Church attendance has dwindled over the past 20 years.
• The cost of the project has jumped by 10%.
• My savings are shrinking fast.
• Spiralling costs mean that more and more families have difficulties reaching the end of the month.

So you see that there are many ways to express increases and decreases. Use some of the examples above to create some statistics of your own.