We knew capitalism was crazy, but it turns out it took only a single sale of $4.1 billion in futures to put into motion a series of events that culminated in the “flash crash” of May 6, during which the Dow Jones dropped 600 points in just a matter of minutes.
Remember that crazy time back in May when the Dow Jones unexpectedly dropped by almost 1,000 points in only half an hour? Well, the SEC has finally worked in some protection against such sudden plunges by expanding the number of stocks subject to its current “circuit-breaker rule.”
After a marathon final negotiating session, Congress has cobbled together a historic overhaul of financial regulations for Wall Street. The bill is expected to win final approval next week and land on President Obama’s desk.
The U.S. has lifted sanctions on several Russian arms dealers, government and private, who were accused of aiding Iran’s effort to develop nuclear weapons, as Washington works to win Moscow’s support for a Security Council resolution aimed at expanding sanctions against Iran.