Dow industrial dropped almost 1,000 points in half hour - WKOW 27: Madison, WI Breaking News, Weather and Sports

Dow industrial dropped almost 1,000 points in half hour

NEW YORK (AP) -- Never before has the stock market seen this big a loss in the Dow industrials in a single day. The blue chips dropped almost 1,000 points in less than half an hour today, on fears that the debt problems in Greece could stop the global economic recovery.

The index regained two-thirds of what it lost by day's end, finishing 347 points lower on the day. All of the major indexes lost more than 3 percent.

There are 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.

The selloff came as traders watched protests in the streets of Athens on TV. The protesters were raging against austerity measures passed by the Greek parliament -- a necessary step in order to receive international loans.

Investors are worried that other European countries will also run into trouble, and that the damage could spread to the U.S.


NEW YORK (WKOW) -- The stock market has had one of the its most turbulent days ever.

The Dow Jones industrials plunged nearly 1,000 points in half an hour amid concerns that Greece's debt problems could put the world financial recovery on hold.

The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis.

There were reports that a technical glitch hastened the selling. Even so emotions are running high. Traders are concerned that Greece's economic problems will hurt other European countries and ultimately, the U.S. recovery.

The Standard & Poor's 500 index is off 37 at 1,128. The Nasdaq composite index is off 82 at 2,319.

Only 173 stocks rose on the New York Stock Exchange while 3,002 fell. Volume came to an extremely heavy 2.57 billion shares.

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