Dow Jones plummets

PK2008

Just watching the markets on TV and the Dow Jones dropped more than 900 points at one point (almost 10%)

Think its recovering now but bad day if your an investor

Hard to get an up to date link http://twitter.com/news10nbc

orourkeda

My portfolio took a serious baitin'

I have to slum it on the iseq tomorrow

PK2008

orourkeda wrote: »

My portfolio took a serious baitin'

I have to slum it on the iseq tomorrow

Thats if there is an ISEQ tomorrow

smellslikeshoes

Here is a link with some info.

starbelgrade

Another bad day on Wall Street. Things are getting ugly. Dow Jones is starting to look more like Paula Jones.

Thoie

And some commentary from the NY Times. They're trying to rationalise it.

http://www.nytimes.com/2010/05/07/business/07markets.html

niallon

Who is Dow Jones and why did he feel the need to jump?

PK2008

Automised computer trading kicked in and selling went nuts, it was like watching a countdown on a stopwatch. Thinks its come back up and stabilised a bit now but worst drop since Lehmans I think.

starbelgrade

Do you have any idea how cheap stocks are now? Wall Street is now being called Wal-Mart Street.

The Pontiac

This is the effect a country the size of Greece has on the global markets and economies. Imagine the effect it's going to have if Portugal and/or Spain need a bailout, or God forbid the UK.

NC27

When the CAC (cack) is down the sh!t will hit the fan.











grabs coat

dr.bollocko

Is it just me or has dow trading been reduced to reacting like a spoilt child with no memory?

PK2008

<Ollie> wrote: »

This is the effect a country the size of Greece has on the global markets and economies. Imagine the effect it's going to have if Portugal and/or Spain need a bailout, or God forbid the UK.

Spot on, except for the UK part, I dont think they're likely to default but contagion could easily see Spain and Portugal in trouble

dr.bollocko

NC27 wrote: »

When the KAC (cack) is down the sh!t will hit the fan.











grabs coat

Down? The Cac? It's just gonna surrender.

Fizman

starbelgrade wrote: »

Another bad day on Wall Street. Things are getting ugly. Dow Jones is starting to look more like Paula Jones.

I reckon more like Iain Dowie.

http://totallylookslike.files.wordpress.com/2009/03/iain-dowie-totally-looks-like-sloth.jpg

/shudder

starbelgrade

Does anyone remember when George Bush visited the New York Stock Exchange?

It was an akward moment when he asked, "So, when do I get to meet Dow Jones?"

PK2008

starbelgrade wrote: »

Does anyone remember when George Bush visited the New York Stock Exchange?

It was an akward moment when he asked, "So, when do I get to meet Dow Jones?"

...and his mate Nas Daq

starbelgrade

The market may be bad, but I slept like a baby last night. I woke up every hour and cried.

Zombienosh

the dow jones is like your ma, it doesnt go down often but when it does, it goes down hard.

amacachi

Just watching on Fox now, the fluctuation is scary, it recovered and fell back a percent in a couple of minutes.

krpc

PK2008 wrote: »

...and his mate Nas Daq

In Guantanamo, no doubt.

bonerm

I don't care, Bob. You're fired. You're fired! You're fúcking fired, Bob! Clean out your locker at the club, Bob. You're fúcking fired! I don't fúcking care what he told you, OK? I'm talking about a million fúcking Deutschmark here, Bob. million fúcking Deutschmark! I told you to wire the money to Geneva last week. I say Geneva, you hear Helsinki, huh?! million fúcking Deutschmark, Bob!

PK2008

The pictures of riots in Greece rattled the American investors Id say.

Almost 1000 point drop in about 10 minutes but looks like its rebounded just as quickly and its gained back about 600 points

JONJO THE MISER

For any person who taught we were on the road to recovery think again, things are getting worse, Greece is nothing wait until it spreads to Spain and Portugal, these 2 countries are too big to bail out. America has Just threw money at the problem not repaired the faults and they will start to crack in the next few months. Think the 1930's were bad? that was a picnic compared to what we are in for.

The Pontiac

According to CNBC a trader error may be the cause of the earlier crash. They're looking into the possiblity that a trader entered b for billion instead of m for million in a trade of Procter & Gamble shares. And the Greece crisis didn't help either to even further fuel the panic, I'm sure. Source

JONJO THE MISER

<Ollie> wrote: »

According to CNBC a trader error may be the cause of the earlier crash. They're looking into the possiblity that a trader entered b for billion instead of m for million in a trade of Procter & Gamble shares. And the Greece crisis didn't help either to even further fuel the panic, I'm sure. Source

Yes i read that as well but that only accounted for a small bit of the sell off, it was going downhill fast when he made that error out of panic i presume.

PK2008

<Ollie> wrote: »

According to CNBC a trader error may be the cause of the earlier crash. They're looking into the possiblity that a trader entered b for billion instead of m for million in a trade of Procter & Gamble shares. And the Greece crisis didn't help either to even further fuel the panic, I'm sure. Source

That is classic

Looks like the grammar nazi's were right all along

thetonynator

JONJO THE MISER wrote: »

For any person who taught we were on the road to recovery think again, things are getting worse, Greece is nothing wait until it spreads to Spain and Portugal, these 2 countries are too big to bail out. America has Just threw money at the problem not repaired the faults and they will start to crack in the next few months. Think the 1930's were bad? that was a picnic compared to what we are in for.

I love an optimist . . .

PK2008

Proctor & Gamble dropped from $62 to $39 and then went back up to $61 in a matter of minutes, meaning if you were quick enough to buy at 39 you would have got a return of almost 33% in a few minutes.

Someone made a 5hit load on that Id say

http://www.marketwatch.com/story/proctergamble-not-clear-why-share-price-plunged-2010-05-06

dr.bollocko

They closed down 347.8 points. That's a loss of 3.2 per cent.
Standing at 10,520.32.
Here is the graph of the dow for the past year or so.
http://finance.yahoo.com/echarts?s=^DJI
Here's the one day:
http://finance.yahoo.com/q/bc?s=^DJI&t=1d

Financial services got hit the worst.

Caoimhín

Just generally, if i did have any savings in euro i would be actively changing it into Swiss/German government bonds or gold.

Quote me in 6 months if you like but the Euro is going to collapse and we will be back to the punt.

schween

PK2008 wrote: »

Proctor & Gamble dropped from $62 to $39 and then went back up to $61 in a matter of minutes, meaning if you were quick enough to buy at 39 you would have got a return of almost 33% in a few minutes.

Someone made a 5hit load on that Id say

http://www.marketwatch.com/story/proctergamble-not-clear-why-share-price-plunged-2010-05-06

$40 to $0.01 and back at Accenture...someone is definitely a bit richer.

http://blogs.wsj.com/marketbeat/2010/05/06/accenture-went-to-a-penny-at-248-pm/

JONJO THE MISER

schween wrote: »

$40 to $0.01 and back at Accenture...someone is definitely a bit richer.

http://blogs.wsj.com/marketbeat/2010/05/06/accenture-went-to-a-penny-at-248-pm/

Jaysus:eek:,but i doubt many people brought at 1c such was the pace of the turaround.

random10

sorry I have no idea about markets at all but i'm going on holidays to USA in july and need to order dollars. with all this uncertainty am i better to order dollars now or wait a while?

Caoimhín

Ahhh, dont worry folks, our billions are safe.

It is being reported as a technical glitch..

More to come as my brilliant (but insane) mind researches some more/falls asleep watching Prime Time

PK2008

schween wrote: »

$40 to $0.01 and back at Accenture...someone is definitely a bit richer.

http://blogs.wsj.com/marketbeat/2010/05/06/accenture-went-to-a-penny-at-248-pm/

:eek:

That is insane!! 1 cent???????????

Something must have happened to the systems, no way Accenture was ever worth 1 cent a share!!!!

(in saying that I hadnt realised ACN was only $40, thought they were worth more)

dr.bollocko

random10 wrote: »

sorry I have no idea about markets at all but i'm going on holidays to USA in july and need to order dollars. with all this uncertainty am i better to order dollars now or wait a while?

Well you can wait until tomorrow if you fancy but I think they just wiped 5 cents or so off of the euro to dollar value as far as I know.

Caoimhín

random10 wrote: »

sorry I have no idea about markets at all but i'm going on holidays to USA in july and need to order dollars. with all this uncertainty am i better to order dollars now or wait a while?

Yep, get your dollars now, the Euro is only going one way. I just wonder if Spain, Portugal, Italy or Ireland will be the last straw for the German taxpayer.

dr.bollocko

Caoimhín wrote: »

Yep, get your dollars now, the Euro is only going one way. I just wonder if Spain, Portugal, Italy or Ireland will be the last straw for the German taxpayer.

Dude it isn't only going one way. It just hit a severe low as a result of a reactionary turn to the Greece situation.

PK2008

random10 wrote: »

sorry I have no idea about markets at all but i'm going on holidays to USA in july and need to order dollars. with all this uncertainty am i better to order dollars now or wait a while?

Euro dropped big time today against the dollar so Id give it a few days to see if it recovers anyway. No telling really it depends on how the Greek issue pans out, plus demand for dollars might go up with the market glitch (has to be a glitch).

If you reckon the Greek issue is going to get worse then buy your dollars sooner rather than later, but Im not sure my gut is telling me the markets may recover slightly, at least while the dust settles, dont know though, its a risk

JONJO THE MISER

Guys bear in mind that all Euro notes come with a serial number pertaining to where they were printed, now if Greece leave the euro, the euro notes from Greece will only be worth the conversion rate back to there currency.
This explains why if you go to countries like Crotia they will check the serial numbers on Euro notes, they would not take any Greek notes prefering instead German euro notes, it might of seemed absurd a few months ago, but folks its far from absurd now so bear this in mind.

Caoimhín

dr.bollocko wrote: »

Dude it isn't only going one way. It just hit a severe low as a result of a reactionary turn to the Greece situation.

Mmmm, not sure why the DOW would drop by so much because to the Greek's potential default.

Must read between the lines sometimes.

PK2008

JONJO THE MISER wrote: »

Guys bear in mind that all Euro notes come with a serial number pertaining to where they were printed, now if Greece leave the euro, the euro notes from Greece will only be worth the conversion rate back to there currency.
This explains why if you go to countries like Crotia they will check the serial numbers on Euro notes, they would not take any Greek notes prefering instead German euro notes, it might of seemed absurd a few months ago, but folks its far from absurd now so bear this in mind.

The EU just approved €110 billion for Greece, aint no way Greece are leaving the EU now.

dr.bollocko

Caoimhín wrote: »

Mmmm, not sure why the DOW would drop by so much because to the Greek's potential default.

Must read between the lines sometimes.

It was a very volatile market day. Greece was a factor. Not the only one. Crude and financial services got hit bad short term. You're advising somebody to buy dollars from euro at a 13 month low. Perspective is needed.

Thrill

JONJO THE MISER wrote: »

Guys bear in mind that all Euro notes come with a serial number pertaining to where they were printed, now if Greece leave the euro, the euro notes from Greece will only be worth the conversion rate back to there currency.
This explains why if you go to countries like Crotia they will check the serial numbers on Euro notes, they would not take any Greek notes prefering instead German euro notes, it might of seemed absurd a few months ago, but folks its far from absurd now so bear this in mind.

Where do my euros come from? The code breaker

The 11 digit serial number on every note begins with a prefix which identifies which country issued it.

German notes begin with an X, Greek notes start with a Y, Spain's have a V, France a U, Ireland T, Portugal M and Italy S.
Belgium is Z, Cyprus G, Luxembourg 1, Malta F, Netherlands P, Austria N, Slovenia H, Slovakia E and Finland L.

http://www.thisismoney.co.uk/news/article.html?in_article_id=503732&in_page_id=2

JONJO THE MISER

PK2008 wrote: »

The EU just approved €110 billion for Greece, aint no way Greece are leaving the EU now.

This could well spread and the Euro currency could be gone within a year with only peharps Germany, France and a few other countries holding onto the euro thus the rational behind the currency codes.

Caoimhín

dr.bollocko wrote: »

It was a very volatile market day. Greece was a factor. Not the only one. Crude and financial services got hit bad short term. You're advising somebody to buy dollars from euro at a 13 month low. Perspective is needed.

Mmmm, well some advised that the property market was at the bottom 12 months ago.

True though, the FED is printing money like monkeys, my point is the value of the Euro is just going to drop and drop.

PK2008

dr.bollocko wrote: »

It was a very volatile market day. Greece was a factor. Not the only one. Crude and financial services got hit bad short term. You're advising somebody to buy dollars from euro at a 13 month low. Perspective is needed.

I have to agree, I wouldnt buy the day a drop happens anyway it bound to come back up, even a little and in the short term- this is an extreme market reaction I dont think its going to representative of a consistant drop, I mean it recovered over half of what it lost in a matter of minutes, plus it was at the end of the trading day. I wouldnt be surpirsed if markets came back up another 1-2% tomorrow.

but nobody knows, so to that person who wants advice about buying dollars, sorry but nobody can tell you mate. If we could we'd be billionaires.

I dont understand that post about "Greek Euro's", surely a euro is a euro, it doesnt matter where its printed, theyre all worth the same. Sounds like conspiracy theory stuff to me. Plus theres no way Greece would be approved for 110 billion bailout if they were about to secede.

L.Jenkins

Dow Jones shed 900 points, Columbian Coke Merchants will be píssed!

Caoimhín

PK2008 wrote: »

this is an extreme market reaction I dont think its going to representative of a consistant drop

I believe, or i am led to believe that a large shareholder in Procter and Gamble dumped a massive volume of shares. This caused the market to panic for a few hours but it will be back up by the time the Asian markets open.

starbelgrade

Caoimhín wrote: »

I believe, or i am led to believe that a large shareholder in Procter and Gamble dumped a massive volume of shares. This caused the market to panic for a few hours but it will be back up by the time the Asian markets open.

Procter & Gamble always makes me think of a bookie with his finger up his ass.