US stock markets saw an unusually turbulent day yesterday, with the Dow Jones Industrial Average (DJIA) losing almost a thousand points in thirty minutes, although later recovered somewhat to end the day with a smaller loss. The DJIA had its worst fall since 1987, a drop of 9\% or 998.50 points, before going back up a bit to close with a loss of 3.30\% or 347.80 points to a level of 10,520. The Nasdaq fell 82.65 points or 3.44\%, and the Standard Poor's 500 index dropped 3.24\% or 37.75 points. Stock for the Procter Gamble company fell almost 37\% during the sell-off, about 75 minutes to the closing bell. An investigation started into whether any erroneous trades happened. The Reuters news agency reports that, at their height, the losses cause equity values to lose $1 trillion. Some stocks saw extreme, but short, changes; for instance, consulting firm Accenture saw its shares plummet from about $ 42 to four cents, although it later rebounded to close the day at $41.09. Meanwhile, oil prices also dropped to lows not reached since February. Benchmark crude was down $ 2.86 to $77.11 in New York. "The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today," said Delaware senator Edward Kaufman . "The battle of the algorithms — not understood by nor even remotely transparent to the Securities and Exchange Commission — simply must be carefully reviewed and placed within a meaningful regulatory framework soon." Kaufman, along with senator Mark Warner from Virginia, called on Congress to investigate the cause of the mass sell-offs.
US stock markets saw an unusually turbulent day yesterday, with the (DJIA) losing almost a thousand points in thirty minutes, although later recovered somewhat to end the day with a smaller loss. The DJIA had its worst fall since 1987, a drop of 9\% or 998.50 points, before going back up a bit to close with a loss of 3.30\% or 347.80 points to a level of 10,520. The fell 82.65 points or 3.44\%, and the index dropped 3.24\% or 37.75 points. Stock for the company fell almost 37\% during the sell-off, about 75 minutes to the closing bell. An investigation started into whether any erroneous trades happened. The Reuters news agency reports that, at their height, the losses cause equity values to lose $1 trillion. Some stocks saw extreme, but short, changes; for instance, consulting firm saw its shares plummet from about $ 42 to four cents, although it later rebounded to close the day at $41.09. Meanwhile, prices also dropped to lows not reached since February. Benchmark crude was down $ 2.86 to $77.11 in New York. "The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today," said Delaware senator . "The battle of the algorithms — not understood by nor even remotely transparent to the — simply must be carefully reviewed and placed within a meaningful regulatory framework soon." Kaufman, along with senator from Virginia, called on Congress to investigate the cause of the mass sell-offs.
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Dow Jones Industrial Average
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Nasdaq
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Standard
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Poor's 500
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Procter
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Gamble
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$1 trillion. Some stocks saw extreme, but short, changes; for instance, consulting firm Accenture saw its shares plummet from about $
$1 trillion. Some stocks saw extreme, but short, changes; for instance, consulting firm saw its shares plummet from about $
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$41.09. Meanwhile, oil prices also dropped to lows not reached since February. Benchmark crude was down $
$41.09. Meanwhile, prices also dropped to lows not reached since February. Benchmark crude was down $
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Edward Kaufman
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Securities and Exchange Commission
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Mark Warner