Friday, 11th May 2000
"It's described as nothing short of breath-taking. A point drop saw or anticipated for the tech industry in the US market. This closing bell might have been an alarm to push the market toward selling.
It is less impact than the crash of '87, but it left traders and investors shell-shocked.
As we interviewed some people from the financial world, all they could say was that 'there goes another one. Too many in a row.'
The plunge was sparked by a jump in US inflation and an increase in interest rates to control the onslaught of crazy speculations. In one day, the Dow Jones went down 606 points from its opening of 10,307, a drop of five and a half percent, while the Nasdaq is in free fall with a loss of approximately ten percent.
They lost a quarter of their value in one week. We move over to wall street to hear the story directly from the well-known hedge fund manager, David Greyson." The screen cut back to the reporter present on the scene.
