Wo check out the stock market

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**Frazzled**

http://money.cnn.com/2010/05/06/markets/markets_newyork/index.htm

**Alpharius**

I'm going to have to suspend you for that...

**VikingScott**

I dont get it....

TL:dr most of it though

**Frazzled**

Stock market dropped 10% before automatic holds kicked in, IN ALL US STOCK EXCHANGES. Markets have stabilized about 3% down.

http://finance.yahoo.com/news/Stock-indexes-down-3-percent-rb-2292944629.html?x=0

NEW YORK (Reuters) - U.S. stocks plunged suddenly but briefly by more than 9 percent on Thursday afternoon before pulling back to a near 3 percent drop, as investor worries mounted that Greece's debt problems could spread.

The Dow and Nasdaq indexes at one point sank heavily after 2 p.m., while the S&P 500 and Dow briefly fell into negative territory for the year.

Trading was volatile, though the New York Stock Exchange said there were no system errors during the brief but heavy sell-off.

Investors were disappointed the European Central Bank failed to take fresh measures to help stem Greece's debt crisis. The ECB did not discuss the outright purchase of European sovereign debt, as some had hoped for, but gave verbal support instead to Greece's savings plan. The ECB left interest rates at a record low.

Germany's Bundestag lower house of parliament is due to start debating a draft law on the German contribution to an aid package for Greece at 0700 GMT on Friday.

"Nobody knows what is going to happen overnight, and so people were running for cover in here and it just got a little ahead of itself," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

The Dow Jones industrial average was down 355.20 points, or 3.27 percent, at 10,512.92. The Standard & Poor's 500 Index was down 38.87 points, or 3.33 percent, at 1,127.03. The Nasdaq Composite Index was down 80.93 points, or 3.37 percent, at 2,321.36.

Volume reached the highest levels since May 2009 during the sell-off.

The CBOE volatility index rocketed up more than 60 percent at 39.94, its highest level since April 2009.

**Mortified Penguin**

^^My initial reaction. You could have made the thread title clearer, Frazzled.

**Frazzled**

Good point, changed the title. Now I'm off to suspend Alphariius for 999 years!

**ShumaGorath**

I missed the original title. Now I'm sad. That said, greece is destroying the world, though the dow has recovered significantly over the past few hours (it went from -600 to -300 in the two hours that I watched).

**Frazzled**

We have a colleague going to NY on business with a Greek sounding name. We told him he should refer to himself as Bob, last name Bob. Tell everyone he is from Arkansas.

**dogma**

ShumaGorath wrote:I missed the original title. Now I'm sad.

The Second W has hit.

ShumaGorath wrote:
That said, greece is destroying the world, though the dow has recovered significantly over the past few hours (it went from -600 to -300 in the two hours that I watched).

They just passed the austerity measures which the ECB endorsed.

**ShumaGorath**

dogma wrote:
ShumaGorath wrote:I missed the original title. Now I'm sad.

The Second W has hit.

ShumaGorath wrote:
That said, greece is destroying the world, though the dow has recovered significantly over the past few hours (it went from -600 to -300 in the two hours that I watched).

They just passed the austerity measures which the ECB endorsed.

Yeah, I read about that. Now we just have to see if this actually works. Then europe has to deal with spain and its 20% unemployment!

**Frazzled**

And Portugal, and Britain. But thats all the future, tomorrow morning is the next step.

**BrookM**

Frazz, can't you do anything about Greece?

**dogma**

Oh, and yes, it truly is the end.

So Belial will emerge somewhere in...France?

**Frazzled**

BrookM wrote:Frazz, can't you do anything about Greece?

Dude I've been pushing the red button all day! I'll try the green button tomorrow.

**Fateweaver**

Belial will emerge in France only with a bodyguard of LC Terminators armed with a cyclone missle launcher.

**BrookM**

Frazzled wrote:
BrookM wrote:Frazz, can't you do anything about Greece?

Dude I've been pushing the red button all day! I'll try the green button tomorrow.

Oh crap, guess it's time to start ignoring the Poles and start enjoying the Feta cheese.

**gorgon**

Fraz, try to leave the islands intact. Spare the Cyclades, at least.

**WarOne**

I wonder if Greece will start selling its islands to Turkey and Italy in order to stave off debt.

**lambadomy**

Thought this was funny, seems part of the huge drop was due to a trading mistake:

http://www.cnbc.com/id/36999483

"In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff.)"

billion is a lot more than million...

**ShumaGorath**

lambadomy wrote:Thought this was funny, seems part of the huge drop was due to a trading mistake:

http://www.cnbc.com/id/36999483

"In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff.)"

billion is a lot more than million...

The drop did seem ludicrously overmuch for the events in greece to really be the culprit. The dow has been shifting around due to their inability to not set banks on fire for weeks, but this drop is bigger than all previous combined.

**gorgon**

The April jobs number came in big. Be interesting to see what the market does today.

**Frazzled**

lambadomy wrote:Thought this was funny, seems part of the huge drop was due to a trading mistake:

http://www.cnbc.com/id/36999483

"In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff.)"

billion is a lot more than million...

That may have triggered it, but the markets are skittish, we are due for a correction, and computerized trading (not guys on the intranets but auto trading) exacerbate any correction.

Automatically Appended Next Post:
231,000 non-gov jobs. Its a start. We need years of that or substantially. Good way to start a Friday.

**Albatross**

It's no surprise Greece and Spain are in gak state - Greece was letting people take state pensions at 50-odd, weren't they? And in Spain, if you've worked for at least a year and you become unemployed, you're entitled to your last salary for 6 months if I remember correctly.

Mad bastards.

**Mannahnin**

Growth good. Here's hoping the double-dip is nothing more than politically-partisan naysaying.

**Frazzled**

Albatross wrote:It's no surprise Greece and Spain are in gak state - Greece was letting people take state pensions at 50-odd, weren't they? And in Spain, if you've worked for at least a year and you become unemployed, you're entitled to your last salary for 6 months if I remember correctly.

Mad bastards.

Careful UK deficit is projected to be the same % of GDP by end of year.

**Wrexasaur**

lambadomy wrote:Thought this was funny, seems part of the huge drop was due to a trading mistake:

http://www.cnbc.com/id/36999483

"In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff.)"

billion is a lot more than million...

This is the culprit, and his reaction to the mistake...

**Frazzled**

Stock market keeps falling though. Another week and we will be in a bear market.

**ShumaGorath**

Frazzled wrote:Stock market keeps falling though. Another week and we will be in a bear market.

It'll rally once the asian markets restabilize (They fell due to greece and our own fall/error). The markets in a pretty stupid flux right now, reacting too the passing of the austerity measures with more trepidation than their reaction to the belief that the measures couldn't pass and ignoring recovery signs in their own economy by preferentially gambling on the supposed failure of the eurozone to react. Once people stop trading based off of eachothers fear it'll rally lower than it started but it'll stop falling.

Modern markets are too fast and too loose. Stupidity gets in there much too easily.

**Frazzled**

ShumaGorath wrote:Once people stop trading based off of eachothers fear

Dude that IS the stock market.

**Kilkrazy**

Albatross wrote:It's no surprise Greece and Spain are in gak state - Greece was letting people take state pensions at 50-odd, weren't they? And in Spain, if you've worked for at least a year and you become unemployed, you're entitled to your last salary for 6 months if I remember correctly.

Mad bastards.

You get a pension from 53 years old in Greece, apparently.

I'm all in favour of no-one working who doesn't want to, but we haven't reached a "The Culture" standard of living yet, so ultimately the non-workers need to be paid for by Germany. Or maybe themselves, apparently the Greeks don't like that option though.