Market Focus 5/7/2010

Stock Market Closing Prices – 5/7/10

Dow ( DJIA ) Close - 10380.43 -139.89
Nasdaq Stock Close – 2265.64 -54.00
S&P 500 Close – 1110.88 -17.27

Commodities Closing Prices – 5/7/10

Gold Close - 1210.00 +10.90
Oil Close – 75.11 -1.70
Natural Gas – 4.00

Stocks slumped Friday, with the three major indexes ending in negative territory for the year as investors mulled the Greek debt crisis and the aftermath of one of the most gut-churning days in Wall Street history.

The sell off from the late April highs has been substantial enough that the NASDAQ, with a loss of 10.5%, is now considered to be in a correction.

The Dow and S&P 500 are also approaching double-digit losses, down 7.4% and 8.7% respectively.

The Labor Department reported that employers added 290,000 jobs last month, far more than expected and the biggest jump in four years. However the jobless rate rose to 9.9 percent from 9.7 percent as more people looked for work.

This morning, the SEC said it will investigate to determine what caused Thursday's turmoil.

Expert said the stock market's wild ride may not be over yet.