Dow Now Down Over 220 As Europe Explodes (now down over 500)

The Business Insider ^ | 5-6-2010 | Gregory White

[blam]

Dow Now Down Over 220 As Europe Explodes

Gregory White
May. 6, 2010, 2:09 PM

The Dow is down 2.0% on worries over the European sovereign debt crises as investors move into less risky assets. Gold is up to nearly 1200.

Volatility on the S&P 500 is up as well, over 13.09%:

The center of all this, the euro, down against the dollar over 1.1%:

[snip]

[Evil Slayer]

U.S.

Europe

Asia

[Evil Slayer]

U.S.

Europe

Asia

[Dan Nunn]

Keep tuned to @kensweet on Twitter. So far:

I'm hearing rumors from traders that you can blame the bad P&G trade on Citigroup. A citi trader try to sell 16 billion in PG instead of 16M
15 minutes ago

It looks like it was $16 billion in SPX futures possibly, instead of $16 billion in PG - we're still working this out.
2 minutes ago

[Evil Slayer]

Sorry about double post :-(

[SeattleBruce]

Dow finishes off 354, with a 75 point plunge in the last 45 minutes. I’d say volatility today is an understatement.

[ELS]

because poor Europe is so much further down the road to ruin and is on fire now.

And the fools on the left here are determined to catch up with Europe.

[onyx]

CHART - EUROPE'S WEB OF DEBT

[kcvl]

DOW FALLS ALMOST 1,000, THEN REBOUNDS...
VIDEO OF DRAMA...
CNBC: HUMAN ERROR IN TRADING CAUSED PLUNGE? TRADER PUSHED ‘B’ INSTEAD OF ‘M’...
DID SOMEONE HACK THE SYSTEM?

MARKET VIOLENCE!
FEAR, EURO WEAKENS, RIOTS CONTINUE IN GREECE, RETAIL DISAPPOINTS

http://drudgereport.com/

[Alberta's Child]

I’m hearing on CNBC that the sharp plunge may have been from somebody at a big firm pushing the B key for billion instead of the M key for million. I don’t believe that for one second.

I do. Well, I don't necessarily believe this -- but I do recognize that it's a distinct possibility.

I read a great book written some years ago by Benjamin Graham . . . who was Warren Buffet's mentor. One chapter is filled with examples of wild gyrations in stock prices due to investors making mistakes with the actual stock symbols of the companies they were trading.

[Enchante]

wow, I suppose I’ve never had a “good quality” suit (actually, I knew that already)

an ounce of gold buys a lot more than one suit in my little world!

[CRBDeuce]

With about an hour of trading to go, New York Stock Exchange composite volume has already topped eight billion, making this the second-busiest day of the year in the market. The 2010 high was 8.4 billion shares, set on April 16 when the government filed fraud charges against Goldman Sachs.

Your story and this line from the very very long wsj story that didn't say anything are equally likely 'who to blame' for the drop. Just hard for me to believe that CNBC got ANYTHING right tho'.

[Raycpa]

Makes me wonder about the cash crash just before the election.

[onyx]

BAD TRADE at Proctor and Gamble caused 172 point drop and then BAD TRADE @ MMM caused drop of 132 and then ripple effect...wow.

Public entited to full explanation and....?

Watch politicians’ knee jerk reactions.

Almost feels staged to me!

[Raycpa]

WE obviously need to reform Wall Street.

[onyx]

LOL. I hear you!

The uncle that gave me the sage advice was my wealthy uncle (and favorite)...lol.

[Evil Slayer]

Bush’s fault. Tea Party’s fault. Rush’s fault. etc, etc, etc.....

[CRBDeuce]

Breakdown Trading System

Is that the one you can only use once every few years (which gives the 'longs' time to forget)??

[StAnDeliver]

"Almost feels staged to me!"

Exactly.

[onyx]

Here’s Rangle on Cavuto blaming Wall Street and the financial systems throughout the world for Greece!

[manc]

soros came to my mind

it’s not like he wouldn’t do this sort of thing is it