Dow Jones plummets

PK2008 · 06-05-2010 07:56PM #1

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 · 06-05-2010 08:01PM

My portfolio took a serious baitin'

I have to slum it on the iseq tomorrow

PK2008 · 06-05-2010 08:02PM

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 · 06-05-2010 08:03PM

Here is a link with some info.

starbelgrade · 06-05-2010 08:04PM

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

Thoie · 06-05-2010 08:06PM

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

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

niallon · 06-05-2010 08:07PM

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

PK2008 · 06-05-2010 08:08PM

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 · 06-05-2010 08:09PM

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

The Pontiac · 06-05-2010 08:09PM

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 · 06-05-2010 08:10PM

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

grabs coat

dr.bollocko · 06-05-2010 08:11PM

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

PK2008 · 06-05-2010 08:11PM

<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 · 06-05-2010 08:11PM

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 · 06-05-2010 08:11PM

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 · 06-05-2010 08:12PM

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 · 06-05-2010 08:14PM

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 · 06-05-2010 08:15PM

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

Zombienosh · 06-05-2010 08:20PM

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

amacachi · 06-05-2010 08:21PM

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

krpc · 06-05-2010 08:21PM

PK2008 wrote: »

...and his mate Nas Daq

In Guantanamo, no doubt.

bonerm · 06-05-2010 08:23PM

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 · 06-05-2010 08:33PM

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 · 06-05-2010 09:33PM

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 · 06-05-2010 09:42PM

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 · 06-05-2010 09:45PM

<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 · 06-05-2010 09:45PM

<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 · 06-05-2010 09:51PM

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 · 06-05-2010 09:56PM

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 · 06-05-2010 10:01PM

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 · 06-05-2010 10:06PM

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.

Dow Jones plummets

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