Obama says authorities investigating stock market swing, speaks with German chancellor
By APFriday, May 7, 2010
Obama: Authorities investigating wild market swing
WASHINGTON — President Barack Obama says regulatory authorities are looking into Thursday’s wild swings in the stock market with an eye toward protecting investors and preventing something like that from happening again.
A computerized sell-off sent the Dow Jones industrial average plummeting by a near-record 1,000 points within about a half-hour Thursday afternoon. Fear that the European debt crisis could spread was a factor. The market regained two-thirds of that loss before the end of trading.
Obama said he spoke Friday with German Chancellor Angela Merkel (AHN’-geh-lah MEHR’-kuhl) about the economic situation in Europe. He says they agreed on the need for a strong response by the affected countries and the international community.
