Stocks plummet 1,000 points before recovering to 347 loss
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.