This can't be good.
posted by Pocky @ 2:44 PM
1 comments
Monday, September 29, 2008
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1 Comments:
Oh, that's really bad.
The Dow and the Nasdaq are supposed to close if sold shares hit 10% of the market percentage. Today trading cracked a loss nearly 9% for the S&P Index, and over 9% for the NASDAQ. That really is a lot of money!
This also gives brokers all day tomorrow to send stocks plummeting. These "circuit breakers" as they are called can close the exchange if 10% of stocks are lost in a day, but it can reopen depending on the time of day, whereupon stocks are allowed to tumble another 10%, 20% total, before another breaker is tripped.
These breakers were put in place after the 1987 crash, but even then trigger levels were lower. If they were still at previous rates the market would have closed today. A much higher volume of stocks are traded today than back then; over half a billion in the 1980's to over ten and a half billion in the late 2000's in a single day at the exchange!
I'm banking that the breakers will work properly tomorrow, should trading like this resume.
It is important to remember though that these three markets are also surprisingly enjoying all-time high levels of trade and points. The peak was 15,500+ for the Dow Jones, I believe, and that was hit just last year!
Learn more here:
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infrastructure/article.jsp?BV_UseBVCookie=yes&BS_Id=LBP-23
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