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Showing posts from May, 2010

Market Plunge

Whew! What a week we've been having! We got a really wild market yesterday. Oil was at $75 from $80 earlier in the week. The Canadian dollar dropped 4 cents to 0.95 and it was just over par a week ago. Gold is now almost $1,200 from trading sideways near $1,100 for last month or so and yesterday the Dow Jones went as down as much as 1,075 points and recovered by closing down 341.90 points. A lot of people as asking what happened? Why did the Dow drop so much yesterday? Was it the potential bankruptcy and street riots in Greece? No, it's been happening for almost a month now. The market has already factored that in. Was it bad earnings or jobs report? No, it wasn't any worse or better than the previous reports. In fact, some of the reports were better. So what happened? Well, a CNBC news report that came out late afternoon yesterday said that Dow Jones went down as much as 1,000 yesterday because it was, get this, due to a typo. A typo! Can you believe that? They said a