Market is in panic mode after the very disappointing job numbers out of Washington this morning, combined with the overnight weakness in Europe and slowing growth in China. Dow Jones erased all its YTD gain and is trading on the negative side. 12,217 is where we finished 2011 at, and today we closed at 12118 after dropping 2.2%. This sends us into correction territory, which is defined as a 10% decline from the recent peak. Gold surged above the 1600 mark after sinking below it for the most of May and crude oil edged lower to $83/barrel. This is certainly not the way we want to start off June, but here we have it. For more news and updates, keep it right here at the Financial News Network. I’m Julia Sun, bringing you up-to-date news from New York City.
