NEW YORK, NY – The fall felt around the world. Experts are looking for answers to yesterday’s scare!
Regulators and congressional staff are working to find answers to the cause of yesterday’s stressful plunge in U.S. stock markets.
“We are working closely with the other financial regulators, as well as the exchanges, to review the unusual trading activity that took place briefly this afternoon. We are also working with the exchanges to take appropriate steps to protect investors pursuant to market rules,” said the Securities and Exchange Commission and the Commodity Futures Trading Commission in a statement.
The late day plunge brought back an eerie feeling that reminded everyone of the famous Wall Street stock market meltdown in 1987 and the fall of 2008. The Dow Jones industrials plummeted nearly 1,000 points in a volatile day that commenced with heavy selling on Greek debt fears and was followed up by a decline that was allegedly caused by faulty trades and “unusual trading activity.”
The scare lasted no more than 15 minutes and began roughly around 2:30 on Wall Street. The Dow, which was already down almost 300 points, experienced the bulk of its biggest-ever intraday dive, falling as much as 998.50 points, or 9.2%. The fall was followed by a just as quick rise that allowed the Dow to close down 347.80 points, or 3.2%.
The plunge was certainly a lesson in fear and it certainly opened the eyes of all investors. When almost everything is run by computers, one mistake could have devastating consequences.
Check out the video below for more information.
[youtube=http://www.youtube.com/watch?v=cpAgGvYnTZE&feature=player_embedded]
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