Flash Crash

By Ted Dieck | Recruiter’s View - Landmark Events | May 7, 2010

At 2:45p on May 6, 2010 the Dow tanked 998 points in a matter of minutes.  Major indexes fell 7% in 15 minutes.  Eight major stocks fell to one cent.

Jim Cramer was on air at the time saying, “Those prices aren’t real.”

When P&G dove to something like 37, he said, “If I were in my hedge fund, I’d buy 50,000 shares right now.”  Seconds later, it was up a quick 10 points.  “There,” he said.  “I just made half a million dollars.”

A short time later, the markets returned very nearly to their original prices.