Wild Day In The Market: Death of A Hedge Fund?

Today, the market plunged, and went for a wild ride. Intra-day, the Dow was down a record 998 points, but recovered to close down 347 points. Incredibly, Accenture stock went from $42.17 down to 1 cent, and back up to 41.09. One reason for the decline is worries about Greece, and that it's money problems may spread to other European countries - such as Spain. However, it doesn't explain the full story: At 2:20pm ET, the Dow was down about 400 points, and then plunged another 600 points in minutes. There was speculation about a trading glitch, but famous options trader Jon Najarian speculated that it was caused by the liquidation of a hedge fund. Once the markets started dropping quickly, trading programs began selling stocks, thus fueling the decline.