Dow Plummets Almost 400

The markets took huge losses today, battered by $139 oil and the worst unemployment report in 4 years, MarketWatch reports. The Dow fell 394.64 to close at 12,209.81, and down 3.5% for the week. The Nasdaq fell 75.38 to 2,474.56, a 1.9% weekly loss, and the S&P 500 fell 43.37 to 1,360.68, 2.9% on the week.

Crude briefly topped $139 and closed up $11.19 at $138.54 as bellicosity between Israel and Iran fueled fear of supply shortages and encouraged the equity selloff. AIG and Intel both dropped after word broke that they were under investigation by the SEC and FTC, respectively. "You have to position a portfolio for below-trend growth in the U.S.," one analyst told Bloomberg. (More Dow Jones stories.)