Stock Market Plunges

May 6, 2010 - 1:58 PM
Stocks Extend Plunge on Concerns About Greece

In this photo taken Wednesday, May 5, 2010, traders Christopher Morie, left, Vito Perri, center, and William Sachs work on the floor of the New York Stock Exchange. Mixed news on the U.S. labor market and retail sales weren't enough to lift stock prices Thursday, May 6, as worries lingered that Greece's debt woes would spread to other parts of Europe.(AP Photo/Richard Drew)

(CNSNews.com) - Stocks plunged Thursday and took the Dow Jones industrials down almost 1,000 points as investors succumbed to fears that Greece's debt problems would halt the global economic recovery.
 
Computer selling intensified the selling while investors watched protests in the streets of Athens on TV. Fears are running high in the financial markets that the Greek government will not be able to implement austerity measures that would enable it to contain its debt problems. And, in turn, that the country's problems will hurt other economies in Europe and even the U.S.
 
The Dow's gyrations showed the high emotions in the markets. Down 998.50 points in mid-afternoon, it recovered minutes later to a loss of 470.
 
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
 
NEW YORK (AP) _ Stocks are plunging as investors give in to fears that Greece's debt problems will spread and halt the global economic recovery.
 
The Dow Jones industrial average is down more than 870 points and Treasury prices are soaring. Computer program selling is intensifying the selling.