Friday, 7 May 2010

Wall Street's Ten-Minute Trillion-Dollar Computer Freak-Out May 6, 2010, 8:33PM

The Dow Jones Industrial Average fell almost 1000 points in ten minutes today, wiping out $1 trillion in equity values as algorithmic trading by high-speed computers spun out of control.

What passes for sanity on Wall Street was eventually restored, and after falling 998.5 points or 9.2% in only a few minutes, stocks ended the day with a relatively benign loss of 3.2%, 347 points off the Dow, in what was still its biggest one-day tumble since February, 2009.

The more or less rational fraction of this mini-panic was apparently fear that the Spanish economy would collapse along with Greece, and then...


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