NEW YORK-The stock market took a tumble this morning on the news of high jobless claims numbers, rising consumer prices, core inflation numbers and concerns with the overnight sell-off in the European Market.

In early trading, the Dow fell -496.75. By noon, it had risen slightly to -357.27 before retreating downward again in the afternoon.

Spurring this downward movement was news that First-time jobless claims rose to 408,000 last week. Moreover, core inflation, not counting food and energy prices rose 0.2%. In addition, Consumer prices jumped 0.5% in June, this is more than the 0.2% that economists had expected.

News from Europe also caused problems on the Market. The European Market fell by over 6% on news that that continents banks may be running into trouble trying to finance their operations.

The investment bank, Morgan Stanley downgraded its global outlook, saying that Europe and the United States are “hovering dangerously close to recession.” This announcement makes many wonder where future growth will come from.

All of this dire news caused investors to run to Treasury Bonds and Gold. Gold rose to $1,825.30 today. At the time of this writing, the Dow is at -437.30.