Friday, March 2, 2007
Dow down 416 points-Why?
The Dow Jones went down because of a computer glitch which triggered the sudden plunge in the industrial average at mid-afternoon Tuesday, turning an already bad day in stocks into a head-turning spectacle. Dow Jones & Co., the media company that manages the well-known index of 30 blue chip stocks, said it discovered shortly before 2 p.m. that its computers weren't properly handling the day's huge volume in trades at the New York Stock Exchange.It switched to a backup computer, and the result was a massive swoon in the index as the secondary system took over processing shortly before 3 p.m.The Dow plunged about 200 points almost instantly, and was down as much as 546 points _ its worst single-session decline in more than five years, and one that sent the blue chips into negative territory for the year.It didn't really compare to the other declines such as the Great Depression and 9/11 because it wasn't that serious. I don't know if or how it really affected my stocks but since the prices went down I might go buy some more stocks!.
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