Stocks Plunge Nearly 1,000 Points on Greece Worries

A financial crisis and rioting in Greece took its toll on Wall Street this afternoon as the Dow tumbled nearly 1,000 points before recovering.

May 6, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Katrina.Tuliao

A financial crisis and rioting in Greece took its toll on Wall Street as the Dow tumbled nearly 1,000 points before recovering. As trading neared the closing bell, the Dow stood at a loss of 505 – up markedly from its low of 998.50 points down earlier in the day, but still a loss that is bound to leave investors stinging.

The San Francisco Chronicle reported that only 139 stocks on the New York Stock Exchange rose today, as opposed to 3,029 that fell. The newspaper added that major indexes had all gone down more than 4 percent.

Today was the third consecutive day of losses, leading some to speculate that skidding stocks are becoming more pattern than fluke.

Earlier this week, former U.S. Sen. Chuck Hagel predicted that the Greek financial crisis – and the specter of crisis in countries including Portugal and Spain – would have worldwide ramifications. Hagel spoke at DLA Piper’s Global Real Estate Summit 2010 in Chicago.

“When you take soverign monetary policy and you roll it into the euro … you are giving up a rather significant tool in management, your economy, and your governance,” he said. “So you are ultimately going to be faced with the crisis Europe is faced with now.”