Stocks plummeted in a flashback to the panicked trading of 2008.

Investors fled everything from stocks and risky bonds to commodities and poured money into safe assets such as U.S. Treasurys and gold. The Dow Jones Industrial Average was down more than 4 percent less than an hour before the close.

A bad day in the financial markets was made worse by an apparent trading glitch, leaving traders and investors nervous and scratching their heads over how a mistake could send the Dow Jones Industrial Average into a 1010-point tailspin.

Fears of contagion from Greece's debt crisis grew during the day and stocks were lower for most of the session. But many were at a loss to explain why stocks suddenly made such a staggering move.

A near 1,000-point drop is "people jumping out of windows" territory, said Gerard Cassidy, an analyst with RBC Capital Markets.

As losses piled up, the Dow went into freefall, tumbling through 10,000, before dropping as much as 998 points, or 9.2%. The biggest closing point drop in the Dow's history occurred on Sept. 29, 2008, at the height of the financial crisis, when the Dow ended the day down 777.68 points, or 6.98 percent.

The Dow has since pared its losses but remains sharply lower, down 492 points, or 4.45 percent. The S&P500 tumbled 4 percent, to 1,120 and at one point dropped as low as 1065.79.

Technicians said the market blew through key support on the S&P 500 at the 1150 level and then again at 1120 and 1115.

Key short-term credit markets—such as the market for three-month Libor—began to show signs of stress and corporate bonds tumbled.

With about an hour of trading to go, New York Stock Exchange composite volume has already topped eight billion, making this the second-busiest day of the year in the market. The 2010 high was 8.4 billion shares, set on April 16 when the government filed fraud charges against Goldman Sachs.

Traders described Thursday's trading as driven largely by automated sell orders, which piled up after several technical barriers were breached, in particular the 1150 level on the S&P.

"A lot of people thought we had support around that level, so there was some disappointment that it didn't hold," said Phil Roth, chief technical analyst at Miller Tabak.

But he added: "The numbers themselves are a little less important than the manner in which the market gets there. The important thing is that we've had a very non-traditional bull market, without any major correction or several years of advances alternating with sideways periods. This could be the thing that sets off a real correction, but we'll have to wait and see."

With about an hour of trading to go, New York Stock Exchange composite volume has already topped 8 billion, making this the second-busiest day of the year in the market. The 2010 high was 8.4 billion shares, set on April 16 when the government filed fraud charges against Goldman Sachs.

Despite the drop on Thursday, "right now there is no difference in the U.S. economic recovery that we all were expecting."

Circuit breakers didn't come into play in halting the decline. The low came after 2:30 p.m., a time after which the NYSE doesn't halt trading unless the Dow falls by 20%.

In a flight to safety, investors snapped up U.S. Treasury bonds, pushing their yields as low as 3.27%, their lowest since last December. They recently traded at nearly 3.34%, still an unusually large decline from more than 3.5% at the start of the day.

Amid the carnage, gold also reestablished its position as a safe haven, rising nearly 3% to move than $1,200, trading at its highest levels in five months

Other fear indicators widened quickly, though were still much lower than ahead of the crisis in 2008. The spread between three-month Libor and overnight indexed swaps, which had been creeping wider in recent days, stretched quickly to 14 basis points, or 0.14 percentage point, from 9 basis points at the start of the day, the widest since last September. At the height of the crisis that spread, a closely watched measure of credit risk, was wider than 100 basis points.

The Markit CDX index tracking the cost of insuring against the default of investment-grade corporations jumped more than 25% at the worst of the days's selloff to its highest levels since last July, and was recently up more than 20%.

Oil was down midday about 5%, and copper fell 1.1%, losing ground for the fourth consecutive day of trading. Prices for those raw materials, and a host of others widely used by consumers and industry, were driven down by mounting fears about stress from European debt woes and questions about Chinese growth.

"It's exactly the same thing" as what's troubling the stock market, said Edward Morse, the global head of commodity research at Credit Suisse. "The decline has been across the board, except for gold."

The weakest Dow component was Bank of America, off 8.3%, followed by Merck and General Electric, off more than 7% each. Boeing fell 6.7%.

Many were bewildered by the sudden slump

"We're in total freefall right now," said Joe Benanti, managing director at Rosenblatt Securities. "It's a true flight to safety and to tell you the truth, people are seeing what's going on in Athens on CNBC and it's not helping the market at all. You're just watching things sort of melt away. I was thinking abck to the fall of 1987. When you get these real downdrafts, you have people just walking away and waiting for it to find a floor because you don't want to get in when it's still falling."

Investors also remained deeply worried Thursday about the unfolding drama of Europe's efforts to prop up Greece's finances. Despite boisterous street protests, Greece's parliament passed a bill with austerity measures that will give the country access to an assistance package jointly offered by the European Union and International Monetary Fund. Other EU members will take votes in their respective parliaments soon to approve spending on the package, with a first test expected in Germany on Friday.

"A lot of traders are getting carried out of there seats. There are lots of liquidations including hedge funds out of riskier assets," Michael Franzese, head of Treasury trading at Wunderlich Securities in New York. "No one was expecting this sell off in stocks and the euro and a flight to quality trade is in full effect and it not yields levels it just capital preservation."

While the bailout is expected to pass in Germany and elsewhere, it remains unpopular among voters who don't want to see their respective countries' resources used to solve Greece's problems. Traders said that any hints of populist backlash could slow the package's implementation or lead to omission of elements needed to prevent global economic contagion.

"Some of the panic-mode has come in now," said Jay Suskind, senior vice president at Duncan-Williams. "What you're seeing in Greece – even the pictures on the television with the protests starts to spark some real fear."

Investors said they were worried about potential contagian from Greece's ongoing problems, and whether eventual losses could even exceed those of the U.S. housing collapse.

"You worry about the a domino effect, from Greece to Portugal to Ireland and Spain," said Richard Schottenfeld, general partner of Schottenfeld Associates, a New York hedge fund. "Pretty soon those kinds of losses are bigger than housing."

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"You will understand and broadcast the message to the world that there will be a great destruction in the monetary systems of the world. It will affect both the United States and Canada, and all the great powers of the world." - Our Lady of the Roses, November 1, 1985

"Yes, My child, what I brought you here for this evening is to tell the world that there will be a crash in the monetary doings of your government—an absolute crash that will affect every man, woman, and child in the United States and Canada, and then, like a serpent, creep all over Europe, until the world sees one big, massive depression." - Our Lady of the Roses, September 7, 1985

"You will understand and broadcast the message to the world that there will be a great destruction in the monetary systems of the world. It will affect both the United States and Canada, and all the great powers of the world. And I repeat again: You will go to your stores to do your shopping carrying papers which may as well be newspapers, for the value they will have to purchase even food will be nil.
     "How can a great country like the United States fall, you say, My child? You ask Me in your heart. I read your heart. I will tell you why. Because they have given themselves over to satan. When a country has lost its morality and seeks the pleasures of the flesh, giving over, themselves over, to all manner of abominations, like homosexuality, and condoning this up the highest courts of the land, then that country shall fall." - Our Lady of the Roses, November 1, 1985

The awesome Bayside Prophecies...  https://www.tldm.org/Bayside/default.htm  
These prophecies came from Jesus, Mary, and the saints to Veronica Lueken at Bayside, NY, from 1968 to 1995:

A godless nation shall fall! . . .
"Without My Son you are lost. A godless nation shall fall. A nation that has been eaten away and rotted by sin shall fall. A nation that has turned itself back and regressed to a state of animal living bordering on all sins of the flesh and impurity; given over to all manner of seeking things of the world; power, lust, envy, hate, murders, abortions, worship of false idols; loving money, power, and lacking the instinct of survival when survival can only be reached by pleading from them to the merciful heart of the Eternal Father." - Our Lady, June 13, 1981

A great money disaster . . .
"My child and My children, pray a constant vigilance of prayer.  Keep this going throughout the United States and all of the nations of the world, for there is little time left. Soon, in the plans of the Eternal Father, He shall set forth and allow to come upon mankind, a great money disaster.  In this way it will prove to you that the disaster back in the 1920's, My children, was as nothing compared to what will happen now.  I talk of a great depression coming upon mankind." - Jesus, October 1, 1988

Destruction of the world monetary systems . . .
"You will understand and broadcast the message to the world that there will be a great destruction in the monetary systems of the world.  It will affect both the United States and Canada, and all the great powers of the world. And I repeat again:  You will go to your stores to do your shopping carrying papers which may as well be newspapers, for the value they will have to purchase even food will be nil.
    "How can a great country like the United States fall, you say, My child?  You ask Me in your heart. I read your heart.  I will tell you why. Because they have given themselves over to satan.  When a country has lost its morality and seeks the pleasures of the flesh, giving over, themselves over, to all manner of abominations, like homosexuality, and condoning this up the highest courts of the land, then that country shall fall." - Our Lady, November 1, 1985

Gathering of the world's money to control the masses . . .
"Man shall not create a new world as he seeks.  For there cannot be a lasting world without His God.  And I speak not of the false idols and gods that man creates in his human nature!  There is only one Creator.
    "You who cast aside this knowledge and choose to set yourselves up by power and the gathering of the world's money to control the masses, you will find that all of your power and all of your volumes of gold and silver cannot hold back the heavens as they descend upon you in a just chastisement.  The world, the earth shall tremble, fear shall come upon mankind as he watches the approach of the destruction that he himself has chosen to set loose." - Jesus, February 10, 1978

Evil force like an octopus . . .
"There is a great evil force now enshrouding your world; it is like an octopus reaching out in every direction to ensnare the world.  It is a force of evil set up by satan.  There are many arms of the octopus controlled by the monies of the world.
    "For the love of money and riches, many will sell their souls to get to the head. O My children, what do you gain if you gather all of the riches of the world and destroy your soul. When you come over the veil, and you will come over the veil, what will you bring with you - nothing of the material.  You must gather your riches in Heaven now.  They are supernatural: the graces, the merits that will allow you to enter into the Kingdom of your God." - Our Lady, June 24, 1976

The Illuminati . . .
"There is a group in the United States and the world, a group that started many years ago, calling itself the Illuminati, coming from the word 'light bearer'. Naturally, My children, this light that they bear stands for Lucifer, and as such they have gone through the world secretly known as Luciferians.  They have brought into your country, the United States, and your neighbor Canada, a group of witchcraft practices.  Well have they laid their plan to destroy your children with drugs, using your school systems, your medias of communication, your newspapers, your televisions, your radios: every means of communication has been infiltrated by the member and sub-members of the Illuminati, a conglomeration of individuals and powers and principalities throughout the world, and banking systems.  As you well know, My children, money has always been the root of all evil, and many have sold their souls to get to the head." - Our Lady, November 25, 1978

You are worshiping idols . . .
"My children, you must change your values back to the plan of your God. As a nation, as a country, as in many countries throughout the world, you have become paganized and immoral. My children, it is the gauge for the fall of mankind: immorality and paganism. No nation shall stand without its God, the God in Heaven.
     "Man is creating many new gods, gods to feed his human nature; and it is a basic carnal nature. Idolaters abound. When you worship in abundance things, My children, you are worshiping idols! If you spend your time gathering things, money, power, you are worshiping idols. Remove yourself from these worldly pursuits.
     "It is a narrow road to the Kingdom of your God, Heaven. Many are called but few are chosen. The road with satan is wide. Many walk it and can never leave, because there are too few prayers said for them and by them.
     "Nothing is impossible to your God. Man shall never reach the highest pinnacle of Heaven in knowledge." - Jesus, March 18, 1978

Many will sell their souls to get to the head . . .
"The road to Heaven, My children, is a narrow one; too few stay upon it.  For they are often carried away with the cares of the world, and the pleasures of the materialistic pursuits, and their gathering of money and prestige and power.  For what?  For the few short years allotted to each human upon earth.  I ask you to ask yourself: is it worth it to lose your soul?  Many will sell their souls to get to the head." - Our Lady, November 20, 1979

Gather your graces . . .
"You cannot accept two masters. One you will love, and the other you will learn to hate. And remember, My children, where your treasures are, your heart will always lie. And better that you gather your treasures in a place where there is neither rusting, nor attacks by moths, and robbers cannot take them from you. Store your treasures in Heaven, My children. Gather your graces. You must ransom your soul and the souls of your children, your households. Do not wait expecting to be repatriated at the last moment, My children. Many are coming across the veil unprepared, and, sadly, they cannot be accepted into the Kingdom." - Jesus, August 5, 1977

Store canned goods, water and blankets . . .
"My children, I caution you now, and I wish that you remember these instructions from several years ago in earth's time that I gave to you, to keep in your homes a good supply of canned good.  They have shelf value, My children, they will not spoil. But better that you keep them and they spoil than to have come upon you the great Chastisement.  It will be a ball of fire which will ignite many of the chemicals that are being stored up for the destruction of the nations.
    "My children, not only with the canned foods will you store just food, but you must also make known to your families and your friends that they had best keep blankets and water in tight containers; for there will be on the onset of the Chastisement, there will be nothing that you can buy due to contamination." - Our Lady, July 1, 1985

Directives...

D213 - Riches, Part 1   PDF
D214 - Riches, Part 2   PDF
D307 - Monetary crash  PDF 

Articles...

Links...

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    "I must ask you all to read but a few short chapters a day now, the Book of life and love, your Bible. Knowledge must be gained for all the disciples of My Son, for you will be attacked by scientific minds. But do not be concerned what you will say to them when accosted, for the words will be given to you by the Spirit." - Our Lady, April 10, 1976  (Order Form)

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Jesus - "Pray and wear your sacramentals. And, also, My children, I ask you again to place a crucifix upon your door. Both front and back doors must have a crucifix. I say this to you because there will be carnage within your areas, and this will pass you by if you keep your crucifix upon your doors." (6-30-84) (Testimonies of lives and homes saved by the crucifixes.)  https://www.tldm.org/news/crucifix.htm    (Order Form)

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Your names have been written in Heaven… "It is not by accident that you are called by My Mother, for your names have been written in Heaven.... But with this great grace you have great responsibility to send this Message from Heaven throughout the world, for if you are able to recover just one more for Heaven, an additional star shall be placed in your crown." - Jesus, August 5, 1975

A great obligation to go forward... "It is not by accident that you are called by My Mother, for it is by merit and the prayers that have risen to Heaven for your salvation.  For those who have received the grace to hear the Message from Heaven, you have a great obligation to go forward and bring this Message to your brothers and sisters.  Do not expect a rest upon your earth, for you will have eternal rest very soon." - Jesus, June 12, 1976

The sin of omission...  "The sin of omission shall condemn many to hell, be they layman or Hierarchy.  I repeat:  not the sin of commission, but the sin of omission will commit many to hell."  Our Lady of the Roses,  October 6, 1980

We encourage everyone to print or email copies of this web page to all the Bishops and all the clergy.  Also, email or send this web page to the news media and as many people as possible.

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