Market Plunge Baffles Wall Street
The stock market plunged Thursday in a harrowing five-minute selloff that appeared to be triggered by a breakdown of trading systems. After dropping nearly 1,000 points, the market rebounded but still closed down 3.2%, leaving Wall Street struggling to figure out what happened.
Investors already were jittery about the ripple effects of the crisis in Greece when the market went into free fall at 2:42 p.m. By 2:47, the Dow Jones Industrial Average had crossed 10000 in the biggest intraday point drop in its history. By 3:07, the market had regained 500 points, ultimately staggering to a close at 10520.32, down 347.80 points.
If there is one thing that is scarier than the crash dive that the markets took yesterday? It is the seeming revelations since, that no one on Wall Street seems to either know or understand why or how it happened.
"It happened so quickly, it was like a torpedo," said Scott Redler, chief strategic officer at T3 Capital Management, a hedge fund. "It was mayhem."
That's just great! now try being like me or tens of thousands of others, who were stuck in their cars yesterday, listening to the radio reports of a market that was diving faster than a U Boat in an old WWII movie.
And these geniuses of finance don't know what happened? They don't have a clue? With all their computers and programs and state of the art monitoring and tracking systems? They can't seem to figure out any of it or provide any answers? If that doesn't create a cause for concern in the average sensible minded American, then I don't know what will.
In an age where cyber-terrorism is continually referenced as a weapon of potential terrorism against America? What better target than the American stock exchange. What better place to do more damage and get the most bang for the buck, than to collapse our economy.
See the problem now?
What happened on Wall Street yesterday, reminds me of that old axiom......"answers are 50 cents, correct answers are $1 and dumb looks are free."
We had a major crisis of unprecedented proportions yesterday in our financial and banking system? And all we have gotten for answers so far, are 'dumb looks.'