Closing Bell: Holy Cow That Was Nuts

argentina beef meat cow

First, the scoreboard on this dramatic day. Of course, the end numbers don’t come close to capturing the internal ructions, as at one point markets were down 10%

DJIA: Down 344 points to 10,524.

NASDAQ: Down 78 points to 2323.

S&P 500: Down 36 points to 1129.

Commodities:
Oil: Down 4.38% or $3.50 to $76.47 a barrel.
Gold: Up 2.68% or $31.50 to $1206.50 an ounce.
Silver: Flat at $17.53 an ounce.

Now here’s what you need to know as you leave work today:

  • CNBC is reporting that today’s dramatic market move, down 900 points, was a result of a human error at a major firm. rumours are emerging as to the details of the misplaced transaction.
  • The market collapse was not brought on by a failure of NYSE systems, according to tweets sent out by traders who spoke with the NYSE today.
  • Today’s dramatic market decline and rebound maybe have been triggered by strange moves in Procter and Gamble, according to CNBC. The stock fell dramatically just before 3PM, and is now down over 2%.
  • Earlier in the day, ECB chief Jean-Claude Trichet kept rates steady, rather than go into quantitative easing mood, a move he may come to regreat.
  • Sen. Harry Reid endorsed an audit-the-Fed bill, and a bank breakup.
  • Greece riots got violent again.
  • Market chaos had consulting firm Accenture trading at $0.01 a share, also experiencing a dramatic fall just before 3PM.
  • Polls close at 5PM in the UK’s general election. A Conservative victory will likely see a boost to the pound as investors look for stability, not a hung parliament. Follow our live coverage here tonight.

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