Markets Jittery After Calamitous Thursday

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A new report released by the U.S. Labor Department Friday, shows the economy added more jobs in April than expected, but that unemployment rose as well.

Investors will weight the new data along with new concerns sparked by a shocking plunge in the New York Stock Exchange Thursday.

Although the market bounced back some, investors remain nervous. Meanwhile, financial experts are still trying to sort out the reason for Thursday's tumult

Click here for CBN News Senior Reporter Dale Hurd's provided an analysis of the role Greece's debt crisis may have played in the Dow's plunge on the CBN Newschannel's Morning program. Click here for his comments. 

Dow Takes a Plunge

At one point Thursday, the Dow Jones Industial Average plunged nearly 1,000 points - the biggest drop ever during a trading day.

"That was probably the most disturbing trading activity anyone is ever going to see in our lifetime," said Art Hogan, managing director of securities firm Jefferies & Co.

At 2 p.m. EDT, the Dow was down by 300 points on continuing unrest in Greece over huge tax hikes and spending cuts. But then, within less than an hour, the market plunged 995 points.

A possible electronic glitch or human error could be to blame for the free fall. Some reports indicate that a trader looking to sell $16 million in shares accidentally punched in $16 billion instead.

Greek Debt Crisis

But behind all the chaos it all is the weakening euro and the Greek debt crisis. Greece, forced to choose between economic disaster and economic misery, opted for misery.

On Thursday, Greek lawmakers approved austerity measures the country must implement as part of the bailout package intended to stop a debt crisis domino effect.

However, the move will likely keep the Greek economy mired in recession or depression for years.

"We feel very unsafe for our future," Athens resident Maria said. "Any measures in the public sector, as well as in the private sector, will be very hard and we feel very unsafe. That is my opinion."

"No one knows what is going to happen in Greece," said Yannis, another Athens resident. "No one knows what is going to happen in Europe. I don't know what I have to do to stay and live in Greece because I don't know what to do in the future."

Although the German parliament approved its share of the bailout, the markets aren't sure a bailout will fix Europe's problem considering the weak economies of southern Europe - all facing default - and not enough money to fix them all.

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Dale Hurd

CBN News Sr. Reporter

A CBN News veteran, Dale Hurd has reported extensively from Western Europe, as well as China, Russia, and Central and South America.  Since 9/11, Dale has reported in depth on various aspects of the global war on terror in the United States and Europe.  Follow Dale on Twitter @HurdontheWeb and "like" him at Facebook.com/DaleHurdNews.