Dow Recovers After Plunging More Than 1,000 Points Thursday

Staff and Wire Reports

NEW YORK -- The Dow Jones Industrial average rebounded after dropping more than 1,000 points Thursday as investors grew leery of the financial situation in Greece.  

The Dow closed at 10,519, down 3.2 percent Thursday.

At one point, the Dow plunged 998 points in half an hour after a trader reportedly hit the wrong button, triggering the sell off.

"Instead of a million shares to be sold, he entered a billion shares to be sold," said Steve Agee, OCU Meinders School of Business. "Obviously the stock prices fell. It's going to drag down the whole market. There's going to be fear, a knee jerk reaction because wall street operates off of rumor and innuendo for the most part."

However, the market was already down before the incident after growing concern that Greece's financial problems could impact the rest of Europe and the global economy.

The euro fell further against the dollar Thursday, hitting a new 14-month low.

In economic news, the Labor Department said new claims for jobless benefits fell less than expected last week. It also says productivity rose more than forecast, but that was due in part to a drop in labor costs.