Panic on the New York Stock Exchange
Fears of a new credit crisis in the euro area, due to the situation in Greece, led Thursday to a fall in stock markets.
New York stock market fell on Thursday, because of a panic attack determined by exaggerated fear of the huge debts recorded in several euro area countries, notably Greece. However, the possibility of a system flaw was not excluded.
The Dow Jones Industrial Average parameter recorded the strongest decrease in value ever recorded during a single session, losing 998.5 points. “We are dealing with a stock market panic,” said a broker AFP.
Abrupt collapse index was initially attributed to uncertainties on the situation in Greece,because the failure happened while the American television stations were broadcasting images of violence in the Greek capital.
After closing the Exchange stock, however, scientists have advanced the possibility that panic could have been amplified by a human or computer error, which briefly made the value of shares to be shown as zero. Eric Ryan, spokesman for the New York Stock Exchange, said: “I had no malfunction or technical problem.”
Therefore, it seems that it was all influenced by the Greek financial situation.
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Posted by AnnabelleLion on May 8 2010 Filed under Economy. You can follow any responses to this entry through the . You can leave a response or trackback to this entry
