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Holy Dow!
By Brian | May 6, 2010 | Share on Facebook
Those who even casually follow the Dow Jones Industrial Average know that a triple-digit swing (i.e., a change of more than 100 points in a given day) is a pretty big deal, and a change of 200 or more is worthy of a headline. Back in Sept/Oct of 2008, when the financial crisis was at its peak, we often saw swings of 400-500 points in a given day, which was simply astounding.
So you can imagine how strange this is to see (all quotes as per Yahoo! Finance):
2:36pm: | 10,515.03 |
2:46pm: | 9,872.57 |
2:56pm: | 10,475.13 |
That’s a 650-point drop in ten minutes followed by 650-point rise in the next ten minutes. The cause was concern over the European Central Bank’s handling of the financial crisis in Greece, and potentially a technical glitch with regard to the trading of Proctor & Gamble shares (P&G is a Dow component).
At any rate, I have a message for whoever invested a bunch of money in the stock market at 2:46pm today:
Congratulations.
Topics: Money Talk | Comments Off on Holy Dow!
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