News in 60 Seconds

Now that I've put out the statement from FXCM...I'd like to add on to what they had said (from my own perspective).

The NYSE and NASDAQ had errors and order issues.

Electronic Trading to Blame for Plunge, NYSE Says (Update1) - Bloomberg.com

May 6 (Bloomberg) -- Computerized trades sent to electronic networks turned an orderly stock market decline into a rout today, according to Larry Leibowitz, the chief operating officer of NYSE Euronext.

While the first half of the Dow Jones Industrial Average’s 998.5-point plunge probably reflected normal trading, the selloff snowballed because of orders sent to venues with no investors willing to match them, Leibowitz said in an interview on Bloomberg Television.

Nasdaq to Cancel U.S. Trades That Moved More Than 60% (Update1) Nasdaq OMX Group Inc. said it will cancel stock trades on all exchanges that were more than 60 percent above or below prices at 2:40 p.m. New York time, just before U.S. equities plummeted.

I believe the first 1/2 of trading earlier today was over Greek fears. For instance, Here's something Japan just announced that they are doing right now:

Bank of Japan Pumps 2 Trillion Yen Into System on Greek Crisis The Bank of Japan said it will pump 2 trillion yen ($21.8 billion) into the financial system after the Greek debt crisis caused instability in financial markets in the U.S. and Europe.