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.