Dow plunges almost 1,000 points - Spokane, North Idaho News & Weather KHQ.com

Dow plunges almost 1,000 points

NEW YORK (AP) - The stock market has had one of its most turbulent days ever. The Dow Jones industrials plunged nearly 1,000 points in half an hour amid concerns that Greece's debt problems could halt the world financial recovery.

The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis.

There were reports that a technical glitch hastened the selling. Even so emotions are running high. Traders are concerned that Greece's economic problems will hurt other European countries and ultimately, the U.S. recovery.

The Standard & Poor's 500 index is off 37 at 1,128. The Nasdaq composite index is off 82 at 2,319.

Only 173 stocks rose on the New York Stock Exchange while 3,002 fell. Volume came to an extremely heavy 2.57 billion shares.

Previous coverage:

Fears that Greece's debt problems could halt the global economic recovery have sent stocks into a nosedive. At one point the Dow Jones industrials was down almost 1,000 points, before recovering. Computer selling intensified the selling as investors watched protests in the streets of Athens on TV. Fears are running high in the financial markets that the Greek government will not be able to implement austerity measures that would enable it to contain its debt problems. And, in turn, that the country's problems will hurt other economies in Europe and perhaps the U.S.

The Dow's gyrations showed the high emotions in the markets. Down 998.50 points in mid-afternoon, it recovered minutes later to a loss of fewer than 400 points.

More previous coverage

Protesters have clashed with police outside Greece's Parliament after lawmakers passed a new austerity bill that will secure vital loan aid for near-bankrupt Greece. Riot police in Athens fired tear gas to drive off stone-throwing youths.

Tens of thousands demonstrated Thursday, a day after extensive rioting marred a protest during a nationwide general strike against the new cutbacks. Three people died Wednesday after getting trapped in a burning bank torched by rioters.

Lawmakers approved the austerity bill in a 172-121 vote allowing Greece from euro-zone countries and the International Monetary Fund. Greeks have been outraged by the measures.

 

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

 

 

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