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May 6, 2010 – Historic Day for the Dow

May 6, 2010 Business, Economy, Equity Trading No Comments

Stocks plunge; Dow has record drop, then recovers

NEW YORK (AP) — The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour on fears that Greece’s debt problems could halt the global economic recovery.

The market’s plunge came less than 90 minutes before the end of trading. The Dow’s drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent.

There were reports that the sudden drop was caused by a trader who mistyped an order to sell a large block of stock. The drop in that stock’s price was enough to trigger “sell” orders across the market.

For fun….

Accenture’s stock at one point traded down to a penny on this computer glitch. Volume was only about 27.5K. So say that one person bought the entire lot at for $275 and held on to them. In a minute, that person turned his or her $275 investment into $1.1 million!

Unfortunately for that person, NASDAQ announced that they would be cancelling orders that were 60% above and below market on consolidated trade price from 2:40 to 3:00. But ah, to dream!

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