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The sell-off comes in reaction to the downgrade on U.S. debt by Standard & Poor's. Accelerating fears of a new global recession sent the Dow Jones industrial average plunging more than 600 points as Washington policymakers scrambled to contain the damage fueled by reaction to the U.S. credit rating downgrade.
Wall Street stocks plummeted Monday morning on the first-ever downgrade of the United States' credit rating, with the Dow Jones Industrial Average plunging as much as 380 points in the first hour of trading.
The price of gold streaked past $1,700 an ounce for the first time Monday. Investors, beset by worries about the U.S. debt downgrade, Europe's financial crisis and slowing global growth, sought safety in the metal as stocks tumbled around the world.
A trading firm's use of a computer sell order triggered the May 6 market plunge, which sent the Dow Jones industrial average plunging nearly 1,000 points in less than a half-hour, federal regulators said Friday.
The top securities regulator said no single event had been found to explain Thursday's mysterious market plunge, but the shocking drop was unacceptable and additional safeguards were coming.
The SEC and the major trading exchanges agreed that a market-wide "circuit-breaker" system should be established to handle the type of market volatility demonstrated in Thursday's unsettling market plunge.
As regulators sought to make sense of what was behind Thursday's wild gyrations in the stock market, some experts warned that Wall Street's effort to undo tainted trades could encourage the very behavior that led to the market plunge.