Dow Jones today drops 900 points – DJIA & stock market update

Filed in Gather News Channel by on May 6, 2010 0 Comments

There was a shocking plunge of 900 points on the Dow Jones today.  The DJ dipped below 10,000 points which helped create the biggest 3 day drop since late January.  In fact today’s intraday loss was the largest since the well known stock market crash of 1987, reports Business Weekly.  Included in the surprising free fall market action were Blue chip titans such as Proctor & Gamble.

Luckily by around 3:40PM EST the stock market had regained over half of the points lost, and was only down 383.17 points.  The S&P 500 had fallen 8.6 percent earlier, but moved back up enough to only have a decline of 3.5 percent.

According to the New York Stock Exchange and CNBC this drop wasn’t any sort of computer error either.  One CIO called the drop “panic selling” adding that it’s concern over Europe possibly cooling off global growth.  However, as you’ll see in CNBC’s clip below, Jim Cramer just couldn’t believe there wasn’t some sort of stock market machine problem involved in the plunge.

In the YouTube video clip of CNBC below you’ll see CNBC’s stock market reporters and analysts discussing the drop.  In particular market guru Jim Cramer advises people to buy up shares of Proctor & Gamble which was down a hefty amount.  It recovered in those few moments while CNBC was reporting about the Dow Jones today, with Cramer patting himself on the back and someone possibly making a lot of quick money!

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