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Dow Plummets More Than 500 Points!
foxnews.com — Investors send Dow tumbling nearly 300 points Market drops on fears of cooling China economy, poor durable goods orders, Taliban claim of Cheney attack
jamessmith- 88 diggs
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- drmobutu, on 10/12/2007, -16/+8Cheney goes abroad, and look what happens...
- h00paj00, on 10/12/2007, -15/+8And this is why leftists know nothing about economics.
- sweintraub, on 10/12/2007, -3/+2Greenspan opens his trap and look what happens. Dude, can't you just fade into anonymity?
- pgoetz, on 10/12/2007, -3/+2@h00paj00
Huh? Are you speaking in tongues again, or did you just forget to take your medication this morning?
- cyberdork, on 10/12/2007, -1/+8Actually until now I haven't heard a good explanation what caused the -9% in Shanghai.
- cyberdork, on 10/12/2007, -1/+8Ah ok, rumors on the Chinese government introducing capital gain taxes.
- killinger777, on 10/12/2007, -1/+6http://www.usatoday.com/money/economy/2007-02-26-greenspan_x.htm
Half dead man says maybe something will happen, market reacts. - UberNick, on 10/12/2007, -5/+7Olbermann talked about how a glitch in the computer system caused a lot of orders to be backlogged. Then there was a panic when all the orders went through at once causing a jump. I wish the other "news" outlets would offer real information instead of the sensationalized "Cheney assassination attempt affects world market!" BS. I'd post the Olbermann Youtube link if I could find it...
- PharmaPhool, on 10/12/2007, -1/+0Interesting segment on National Public Radio today on this item. Seems the Chinese stock market is really very controlled by the Chinese government (no surpise there), so its not really economic news as much as it is a political bellweather... and the very thougth of change to the fasted growing economy affecting the largest population group on earth sent shudders through the whole market.
Not a lot of mention of the computer issues at the NYSE, though.... even when this seems to be a large part of the 3PM sell off.
Should be interesting to see what happens today, markets open in 17 minutes at the time of this writing. - killinger777, on 10/12/2007, -3/+2Leave it to Olbermann to ignore the obvious explanations. So if it was just a glitch, why did it effect every major market on Earth? And if it did, we can expect a full recovery today, right?
- dggeek, on 10/12/2007, -1/+1He didn't say the glitch caused it. He said the reaction to the glitch caused it. More than just the US was affected because markets all over the world are tied to it. They all feed off each other; some more than others.
As for when it will get fixed, good luck trying to predict the confidence of investors. They are skittish.
- JJsays, on 10/12/2007, -9/+3Were Global Market hacked to co-inside with the attempted assassination of Vice President Cheney?
- wonderchemist, on 10/12/2007, -3/+14Title: Dow Plummets More Than 500 Points!
Summary: Investors send Dow tumbling nearly 300 points...
So where did the missing 200 points go? House rake? Aliens?- CraigB12, on 10/12/2007, -2/+2The news i watched this morning said it was 417 points
- h00paj00, on 10/12/2007, -1/+5Reading Comprehension.
The Dow fell 546.02, or 4.3 percent, to 12,086.06 before recovering some ground in the last hour of trading to close down 416.02, or 3.29 percent, at 12,216.24, leaving it in negative territory for the year. Because the worst of the plunge took place after 2:30 p.m., the New York Stock Exchange's trading limits, designed to halt such precipitous moves, were not activated.
DOW FELL 546.02
DOW CLOSED DOWN 416.02 - dadrew1, on 10/12/2007, -1/+3That still doesn't add up to the title/summary...
- cutechimp, on 10/12/2007, -1/+2the 300 points referred to a sharp plummet within a very narrow time frame (no more than 10 or 20 minutes) in the afternoon. as a result, it fell over 500 compared to the previous day. and then it recovered some to 400 something points.
- apothekari, on 10/12/2007, -2/+101st man: Mortimer!...We're ruined!!....
2nd Man: But..There's always been a Duke sitting on this board since it was founded!!
Ehhhh ....*passes out...*slumps to floor
3rd man: Mortimer I think your brother's having a heart attack!
1st man: ***** him!...Turn those machines back Oooooooooonnn!!!! - Gunfunny, on 10/12/2007, -2/+3Dude, this is so yesterday.
- short, on 10/12/2007, -1/+3two words with regards to the drop in stock prices --> buying opportunity
- tont0r, on 10/12/2007, -2/+2There was a computer glitched that caused the market to drop from roughly -400 to -550 for about 60 seconds before the back up servers came up.
http://www.iht.com/articles/ap/2007/02/28/business/NA-FIN-MKT-US-Wall-Street-What-Happened.php
There was a massive selloff in the chinese market since they are talking about putting tighter regulations on stock sales from their overheated economy. The selloff triggered a massive selloff in the euro market which then triggered the massive selloff here. This has nothing to do with a bomb going off in afganistan.- dognose, on 10/12/2007, -1/+1wrong. The computers were lagging, and when they switched to the backup servers, it caught up quickly, making it look like it all happened in 60 seconds, when the stock prices were really dropping over a longer time. Read your story again:
"It switched to a backup computer, and the result was a massive swoon in the index as the secondary system took over processing shortly before 3 p.m.
The Dow plunged about 200 points almost instantly, and was down as much as 546 points — its worst single-session decline in more than five years, and one that sent the blue chips into negative territory for the year."
It switched to the backup, then it dropped almost 200 points instantly.
- dognose, on 10/12/2007, -1/+1wrong. The computers were lagging, and when they switched to the backup servers, it caught up quickly, making it look like it all happened in 60 seconds, when the stock prices were really dropping over a longer time. Read your story again:
- Spartandog, on 10/12/2007, -1/+0It's sad that the entire world's economy is dependent on a small group of extremely nervous money crunchers who panic at the slightest possible fluctuation. How often has this happened in the past 20 years? Have they no foresight - or hindsight for that matter? The only reaction seems to be "PANIC NOW!" Markets have shown to recover and maintain stability if they just "wait and see" once in a while.
- roaddemon, on 10/12/2007, -1/+1No, what's sad is all the press this is getting. This is no big deal. The market has a day with a 3% drop every year and EIGHT days with 2% drops. (source: Standard And Poor's Chief Financial Analyst, NPR Radio this morning). The market is still sound (trading at 16 times earning compared to 26 times earnings in 2001). If you live and die with every good and bad day the stock market has, you should NOT be in stocks. Go put your money in a nice savings account at 3% and quit bothering the real investors.
- halik, on 10/12/2007, -2/+3why is this on digg? this is yesterday's news...
- binky79, on 10/12/2007, -1/+3It took 18 hours for the number one story from YESTERDAY to get to the front page! What is happening to Digg?
- xioner, on 10/12/2007, -1/+1nothing.
there are just not that many people trawling the upcoming area of the business and finance section.
- xioner, on 10/12/2007, -1/+1nothing.
- markdr123, on 10/12/2007, -0/+1Damn you, China!
- xioner, on 10/12/2007, -1/+1I am not exactly concerned about this.
The Dow still closed at over 12,000.
I still remember when it crossed 10,000 for the first time ever (back during the first internet bubble) and everyone was all excited. I might get nervous when it drops below 9,000... but until then everything is overhyped.
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