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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap US probes shock share plunge after market panic AFP - Saturday, May 8 Send IM Story Print inancial news of todays turbulent stock market is displayed on a news ticker in Times Square. US regulators have launched an inquiry into the dizzying Wall Street plunge that left stock market participants shaken after a wave of panic that dented confidence around the globe. NEW YORK (AFP) - – US regulators have launched an inquiry into the dizzying Wall Street plunge that left stock market participants shaken after a wave of panic that dented confidence around the globe. US markets were set to reopen Friday after the New York market panic spread to Asia and Europe and the factors behind the record plunge on Wall Street remained unclear. The Securities and Exchange Commission and the Commodity Futures Trading Commission said in a joint statement Thursday the regulatory agencies and exchanges were "to review the unusual trading activity" and would "take appropriate steps to protect investors." The tumultuous session on Wall Street saw the blue-chip Dow Jones Industrial Average drop nearly 1,000 points in a matter of minutes, raising fears of a meltdown. The Dow later recovered, closing down three percent or 348 points -- a steep drop under normal circumstances. But spooked traders were left shaking their heads. Andy Brooks, a trader at T. Rowe Price, speculated that it was a so-called "fat finger" trade, in which a trader incorrectly enters data. "I have no idea why it happened; when it falls that far and fast and bounces back that quickly, you figure it's an error or tech snafu," Brooks said. The unusual trades affected major stocks such as Procter & Gamble, which dropped 37 percent in at one point, and 3M, which plunged 25 percent, setting off a chain reaction of computer-generated selling. The House Capital Markets Subcommittee scheduled a hearing Tuesday on the causes of market drop. Senator Ted Kaufman, a Democrat from Delaware, said the market plunge "must be carefully reviewed and placed within a meaningful regulatory framework soon." The panic appeared to engulf Asian markets Friday, with the fundamental issue for investors deepening fears that Greece's debt crisis would spread through Europe. "Speculators have been testing the resolve of policymakers," said Kathy Lien at Global Forex Trading, who said the market action evoked the situation in the 2008 crisis. Eric Ryan, spokesman for the New York Stock Exchange, ruled out technical problems on the exchange: "We did not have any glitches or technical issues." The tech-heavy Nasdaq exchange said it was investigating what happened and would cancel trades with a precipitous drop during the wave of selling. "(We are) currently working with other markets to review the broad market activity that occurred between 2:00 and 3:00 pm today," the exchange said in a statement. But after three days in which Greece's debt crisis have pummeled stocks, it was clear that the sell-off was real for some investors. Images of rioting in Athens as the Greek parliament passed unpopular austerity measures did little to ease market panic. Rumors swirled that a major firm, possibly Citigroup, accidentally triggered a trading program worth 16 billion dollars, instead of 16 million, at the CME Group's Chicago Mercantile Exchange. In a statement late Thursday, the CME said however that trading by Citigroup in its stock index futures markets "does not appear to be irregular or unusual in light of market activity today." At the close, the Dow had recovered to 10,520.32, a drop of 347.80 (3.20 percent). The Nasdaq slid 82.65 points (3.44 percent) at 2,319.64 while the Standard & Poor's 500 index tumbled 37.72 points (3.24 percent) to 1,128.15. When the market reopens Friday, traders will be tested by key data on US unemployment and job creation in April. Douglas McIntyre at 24/7 Wall Street said he believes the market will bounce back. "The US economy is improving inexorably while it might not be as quickly as the government or those out of work would like," he said. "Part of Europe many be cancerous, but that does not mean that the entire region will become diseased. The American markets will go higher because the financial and economic forces behind them have improved so much over the last year." Others said there were deeper reasons for concern. Economist Joseph Abate at Barclays Capital said banks were tightening up lending among themselves similar to what happened during the peak of the financial crisis in 2008. "Commercial paper and deposit market liquidity has become more restrictive as lenders move to the sidelines," he said. "Term unsecured money has gotten more expensive." This tightening is "a barometer of distress in money markets," said Michael Panzner, an author of a book and website called "Financial Armageddon. "While the measure has some way to go before it reaches the kinds of extremes we saw during the Lehman Brothers bankruptcy crisis one year earlier, it's a development that shouldn't be ignored," he said. 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