Stocks plunge on mounting fears of European debt crisis - USATODAY.com
Historic volatility gripped Wall Street Thursday as the Dow Jones industrial average crashed nearly 1,000 points before bouncing back to close down 347.80 points, or 3.2%, to 10,520.32.
Mounting worries about Greece's financial condition and weak results from U.S. retailers kicked of the market's harrowing declines. But the Dow's crash literally took on a life of its own, crumbling in a brutal free fall that pushed stocks down more than 9%, their worst fall since the crash of October 1987.
"It was almost like if you turned around to have a cup of coffee, and came back, you'd say 'What happened?'" says Jeremy Siegel, professor of finance at the University of Pennsylvania. "Usually panic takes a little longer and more people know about it."
Traders and investors were left puzzling over what caused such a major market swing in such a short period of time.
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