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A tech glitch thumps the Dow Jones by 400 points!

February 27, 2007

Wow! A tech glitch in the safety mechanisms of the New York Stock Exchange around the 3 p.m. hour combined with a global stock sell-off smashed the Dow Jones Industrial Average by 500-plus points in a matter of minutes.  The market rebounds to finish down 416 for the day on some opportunistic buying.

Hmmm … 401(k) fund, are you still alive?  I almost gagged on my cheesesteak seeing the headlines on Fox News.

You can watch the YouTube clip above that showed the “mini-crash” live as it happened on CNBC.

Could this have something to do with former Fed chair Alan Greenspan’s remarks yesterday about a possible RECESSION later this year?  Don’t know, but this U.S. News columnist thinks so.

And worse, my main “Mad Money” man, Jim Cramer, says it might not be over yet … hang on to your portfolios everyone!

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