Guide Note

The Dow Jones Industrial Average (DJIA) fell by over 350 points on June 26, 2008 to 11,453.42, its lowest mark in 21 months of trading. The plummet came after the price of oil surged to a record high of over $140 a barrel.

Fast Facts

1. Date: June 26, 2008
2. Day of week: Thursday
3. Amount of fall: 358.41 points¹
4. Percentage fall: 3%¹
5. Closing average: 11,453.42¹
6. Lowest close since September 11, 2006

Experts say that the steep sell-off was partly the result of the skyrocketing price of oil, which hit an all time high of $140.49 in midday trading. However, other factors, including the plunging of General Motors shares by 11% and the cutting of the ratings of investment banks by Goldman Sachs from "attractive" to "neutral."¹