THE OIL SPILL WAS MAY’S TOP STORY, BUT IT WAS ALSO A WILD MONTH FOR CAPITAL
By Murray W. Wolf
As the magnitude of BP’s Deepwater Horizon disaster became clear – it is already by far the largest oil spill in U.S. history – the story dominated mainstream media coverage for most of this month.
But, if not for the vast environmental catastrophe in the Gulf of Mexico, the lead story would have probably been the capital markets.
May has been a nerve-racking month. It began with growing worries about the Greek debt crisis. Then, on May 6, we had the so-called “flash crash.” The Dow Jones Industrial Average inexplicably plunged as much as 9.2 percent, or 998.5 points, in only about 10 minutes during intraday trading, before recovering to close down “only” 3.2 percent on the day.
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