February 27, 2007 - Gold Plunges $13 on Tuesday as Investors scrambled to cover equity market losses, driving Gold prices down to a low of $660/oz. before rebounding and closing near $770. 

One Day 400 Billion Dollar Loss

The Dow Sinks 400 Points, the largest one day loss since the tragedy on 9/11.  Concerns about the Chinese and Asian markets triggered the collapse, after a Monday 9% drop in the Chinese stock market.  Most of the US stocks hit worst were business with exposure and financial interests tied to China.  Single day losses were estimated to exceed 400 Billion USD.

Heavy stock losses are attributed to concerns about market overvaluation, and a sudden collapse in the Chinese stock markets, as well as a troubling U.S. government report showing a larger than expected drop in January’s new orders for U.S.-made durable goods. 

Caterpillar, with business heavily dependent upon Chinese growth, dropped 3.6 percent, or $2.43, to $64.83, 

Cisco Systems  was among the biggest losers in both the NASDAQ 100 and the S&P 500 dropped 5.6 percent, or $1.53, to $25.71.

Exxon Mobil Corp. was the biggest decliner in both the Dow and the S&P 500, with its stock falling 4.7 percent, or $3.57, to $71.83 on the New York Stock Exchange.

Technical Glitch Makes A Bad Day Even Worse

A computer glitch triggered a sudden plunge in the Dow Jones industrial average at mid-afternoon Tuesday, turning an bad day in stocks into a nightmare.  The computers handling trading for the Dow Jones 30 Blue Chip stocks was unable to handle the heavy load of trading, a backup system was brought up which immediately results in a drop of 200 points.  All 30 blue chip stocks ended the day in the red.