Stocks extend plunge on concerns about Greece - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Stocks extend plunge on concerns about Greece

Traders work on the floor of the New York Stock Exchange, Thursday, May 6, 2010, in New York Traders work on the floor of the New York Stock Exchange, Thursday, May 6, 2010, in New York
By TIM PARADIS, AP Business

NEW YORK – 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.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) — In one of the most dizzying half-hours in stock market history, the Dow Jones industrial average has plunged nearly 1,000 points amid worries about European debt.

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.

 

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