Well I don’t want to speak too early but I think the next leg down in the global markets may be starting… or it could just be a trading error.
For a short time Thursday afternoon, Wall Street returned to the tumultuous days of 2008.
In a moment of uncontrolled selling, major indexes fell nearly 9 percent. The Dow Jones industrial average tumbled more than 550 points in about five minutes, falling almost 1,000 points on the day. The Standard & Poor’s 500-stock index and the Nasdaq followed suit. Computer programs intensified the selloff as markets fell through trading limits.
And then, almost as quickly, the markets recovered most of the decline. [MG: Looks like the Plunge Protection Team (PPT) saved the day!]
At the close, the Dow was down 347.80 or 3.2 percent, to 10,520.32. The S.&P. dropped 37.75 points, or 3.24 percent, to 1,128.15, and the Nasdaq was down 82.65 points, or 3.44 percent, to 2,319.64.
– Christine Hauser, NYTimes.com
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