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400-plus-point gain was a blip or perhaps a building block. well, sadly, we got a decisive answer today, the dow industrial average plunged 520 points, 4.6% amid jitters about europe's debt crisis and growing resignation that the long-term prospects for growth here in the united states are bleak. alison kosik watched the massive selloff up close. >> john, we had yet another brutal session here on wall street today. you know, there's a lot of uncertainty about the economic outlook here in the u.s. and in europe as well. you know, there's worries about france being downgraded like the ...

average plunged 520 points, 4.6% amid jitters about europe's debt crisis and growing resignation that the long-term prospects for growth here in the united states are bleak. alison kosik watched the massive selloff up close. >> john, we had yet another brutal session here on wall street today. you know, there's a lot of uncertainty about the economic outlook here in the u.s. and in europe as well. you know, there's worries about france being downgraded like the u.s.' debt was downgraded. they really accelerated the losses in the final minutes of the trading day, and then, of course, ...

Of every penny in trade. so, we did the math on that looking at the average program trade, basic program trade is a million dollars and would co-those folks $500 for every program trade, which i have to tell you is a steep levy. now, if i'm doing the math wrong here i invite the representative to give me a jingle. but, i have to tell you, this is what it looks like to us and, of course, that would be a huge fee, a huge tax on wall street. on program trading, he also said these traders are parasites on the system. and that the trading technology we are talking about in which trades are done in ...

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. that's unacceptable. >> shepard: of course. a lot of traders made a lot of money while all of that was going on. the rest of us could only watch and wonder what in the world was going on. we have tea...

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