Dow Plunges on Greece Fears:Update Trading Errors

Too Much Debt:

The market decline on Thursday turned into a freefall, with major indexes tumbling more than 8 percent in afternoon trading. And the euro declined more than 2 percent.In afternoon trading, the Dow Jones industrial average was down 8.8 percent, or 996 points. The Standard & Poor’s 500-stock index was down 90 points or 7.73 percent, and the Nasdaq was down 175 points, or 7.2 percent.

Investors took in the latest reports in the United States on jobless filings, retail sales and productivity, and then turned their attention back to Europe and the concerns that Greece’s debt problems might spread.

The uncertainty pushed the euro to its lowest level in 14 months, at $1.2546 to the dollar. The dollar’s rise sent commodities prices lower. Crude oil fell 6.7 percent to $74.58.

Europe’s debt worried continued to play out, both on the streets and in legislative chambers. Greek lawmakers late Thursday approved a crucial austerity bill needed to tap into a $141.9 billion aid package from the 15 other countries that use the euro and the International Monetary Fund.

And German lawmakers were expected to vote Friday on Berlin’s 22.4 billion-euro share of the bailout package.

Like people didn't see this coming.

Apparently it was a mistake that sent thngs over the cliff.