The Stock Market

Today the Dow Jones had one of the wildest day in trading, when the market fell down nearly a 1,000 points during a half an hour period of the trading day because of Greece's debt problems could cause problems for the world economy. The big down turn of the market came just 90 minutes before the closing bell, but it managed to recover at the end with loss at 300 points. There were reports saying the sudden drop was caused by one trader who mistyped an order to sell a big block of stock. Over a 3 day period the Dow has already dropped over 630 points with all the worries about the financial crisis in Greece. Equity strategist Peter Boockvar says, the market is realizing that Greece is going through a depression over the next couple of years, and Europe is a major trading partner with the United States and that could threaten the whole global outlook.

Computer trading also caused some problems with market going into this tailspin. Programs kick into gear when the loss hits a specific level and traders use these programs to limit their losses. At the end of closing today all major stock exchanges were holding a conference call with the Securities and Exchange Commission to explain what happened. The Nasdaq issued a statement saying that any trades during the final 20 minutes of the trading session has been canceled.