Dow Jones 1,000 point down, recovers fast
Ugly Thursday for Dow Jones, reasons Geek Panic added with Jobless data. Today panic stricken Dow's industrial average crashed nearly 1,000 but recovered within an hour.
The sell-off came amid fear of Greek debt crisis, but observes questioned whether technical glitches could have triggered the market chaos.
The sudden fall of thousand points and almost that much quick recovery creates doubt about fundamental of market. It is still riding on speculations o it is more fundamental driven. At one point index fell over 8.5 percent, hitting a low point of 9,875, but it quickly recovered.
At 1913 GMT, the Dow had recovered to 10,461, dow 407 pints, while Nasdaq was down 79.93 points at 2,3322.36. The S&P500 index was down 41 to 1124.
The US job and productivity data did not have much impact on market; it remained flat in opening hours.
The US job and productivity data did not have much impact on market; it remained flat in opening hours.
The market is already in grip of Greek fear, on Tuesday it Dow registered triple digit loss. Expectant market didn’t get anything positive from the Jobless data. The wait-and-watch approach lasted until 1830 GMT when the sell off trigger set in.
In just 15 minutes, Dow touched bottom, which it has not seen since the height of crisis.
The speed of fall was a major worry for the observers, “We don’t know, right now we are looking into it. It is all speculation.”New York Stock Exchange Spokesperson said.
Earlier IMF spokesperson assured the financial world saying that default was out of question. “Default is not on the Table, has not been on the table, “said IMF director of external relations Caroline Atkinson.
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