Page 108 - Circuit Breakers News Today

Of my 10% was back. what if i owned procter & gamble, the gigantic loss, 3m. someone made money on that. >> the public deserves an answer as to what happened and they deserve coordinated circuit breakers, a system that will allow the two markets to talk and slow down when we have dislocations so that the public is served. >> geraldo: so you are saying that you want the new york stock exchange and nasdaq to have exactly the same rules and now they dont? >> absolutely. it has to happen because the...

Of my 10% was back. what if i owned procter & gamble, the gigantic loss, 3m. someone made money on that. >> the public deserves an answer as to what happened and they deserve coordinated circuit breakers, a system that will allow the two markets to talk and slow down when we have dislocations so that the public is served. >> geraldo: so you are saying that you want the new york stock exchange and nasdaq to have exactly the same rules and now they dont? >> absolutely. it has to happen because the...

Market. what caused the snafu? youre looking at it right there that sent the dow into a spiral on thursday, causing the sheer panic, starting a massive selloff. the questions need to be answered, can it happen again? and did wall street learn anything at all from this? so joining me live is jonas max ferris, the co-founder of maxfunds.com. always good to see you. im sure a lot of people out there, especially those investors who are die-hard investors scratching their heads and saying, oh, my god...

Of the new york stock exchange dick grasso. he told me there needs to be more safeguards especially circuit breakers that kick in to prevent stocking from plunging. >> the public deserves to know that there are going to be individual stock circuit breakers and they are not going to suddenly see as they did yesterday a stock like accenture go from $41 to 1/100th of a penny and go right back to $40. thats unacceptable. >> shepard: of course. a lot of traders made a lot of money while all of that w...

>> yes, they have circuit breakers. it is the biggest one-day point drop in history. it was unbelievable. however, in 1987 we had a bigger percentage drop. this was not 1987. this is something were still investigating. we have not -- we have had like you call them the fat finger error, human error in the past. right now all of the futures exchanges and stock exchanges, they dont know what went wrong. >> its like terminator, the machines have taken over. >> they trade a lot of stocks fast. >> chr...

Shouldnt have happened. failure to coordinate, failure to have symmetrical circuit breakers but just as quickly as it fell a thousand points t recovered 600. >> shepard: a lot of people made a lot of money. >> im hopeful the markets are going to step back and break a lot of those trades. because -- >> shepard: i was hearing they might today. >> were hearing that anything between 2:40 and 3:00 down more than 60% is not enough. the public deserves to know there are going to be individual stock cir...

Megyn: they could pull the plug if this goes down 1,000. >> reporter: its more than that. at. megyn: it many dropping about it second. >> reporter: i can check when those circuit breakers are and when we would halt trading. that is something that has been done here. i have been on this floor since 1995. megyn: i say sit looks like a panic. its still above 10,000. is there cause for this? there is a situation here in greece with protesters. but they passed the law. it looks like they will get the...

Do. but for those of you who are not steeped tonight. what does that mean? why is the bank stocks a gauge? >> reporter: they are always a lightning rod of this market its a good indifficult kayer to. the tech stocks, the bank stocks, the energy. they usually will determine the market movement. so you have the banks mowchg. they usually -- they move the market one way or another. but there is no question we are seeing a significant selloff. if you look at pictures here with the red, it looks skin...

Obviously there was program trading activity. i dont want wall street to wonk everybody out but theres computer programs set up that stay when things start to go bad lets sell into that and try to clear the debts as quickly as possible. obviously that happened. the interesting thing is if you think 15 years ago, if we had a move of nearly down a thousand points, we would have stopped trading. i mean, this was fairly remarkable stuff. i have to say ive been doing this close to 20 years. that was ...

Few weeks unless you really need your money right now. hopefully most people are invested long term and dont need to make any quick moves. >> rana, what are the circuit breakers for a dow loss? >> well, you know, you dont want to see things -- you dont want to start getting into a 5% dip. you dont want to start getting into territory in which the markets look like there is a fear factor coming in. and, you know, i think the big question right now, is this a natural correction. many people, inclu...