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Market regulators are accusing a British national of almost single-handedly causing a “Flash Crash” to American stock markets in 2010 During the incident, the Dow Jones Industrial Average dropped about 9%, and lost more than $1 trillion dollars in minutes Fortunately, stocks rebounded relatively fast after the shock (O), but we wanted to know, what does it take to crash a stock market? Well, there have been countless financial “crashes” throughout history They even go back to the 1600s when modern stock exchanges were first evolving within the European trade economies A crash represents a steep, sudden decline in the value of market prices, and they can often lead to an economic depression The most devastating crashes are usually the result of an overly-inflated market, also known as a “bubble” In short, the value of a stock is dependent on what people think it will be worth in the future When the economy is good, or there are other motivating factors, investors expect their stocks to rise in price, which in turn does increase their value Investment bubbles occur when prices of market shares are driven upwards past their real value According to some market theorists, a bubble is encouraged by a “herd mentality”, where people first jump on the bandwagon of a profitable stock, and then, when the bubble bursts, they engage in panic-selling The most famous example of this was during the 1929 American Stock Market Crash In the years after World War I, optimism in the economy inspired many to take on risky loans, and invest in stocks But when the economy slowed down, the public began to doubt the market’s longevity, and started selling their shares - at first slowly, and then in droves Market prices went into freefall, and with no fail-safe rules, the market inevitably crashed Stock markets can also be “spooked” into a decline or a crash following catastrophic (O) events For example, San Francisco’s massive 1906 earthquake is thought to have played an integral role in the financial panic of 1907 During that time, the market sank to about 50% of the previous year’s valuation Additionally, In 2001, after the September 11th terrorist attacks, the stock markets were closed for almost a week In the first five days back, the markets faced a loss of about $1.4 trillion dollars The digital era has also introduced new threats to the stock market in the form of “high frequency trading” HFT is when thousands of Single-handleded: xử lý độc lập (oxford) Accuse sb of st Black market Vietnamese national: kiều bào Nationality On the verge of economic collapse Foreign exchange market Join sotck company Join venture company: công ty liên doanh IPO: initial public offering:phát hành lần đầu Incident: kiện By accident/ by chance: tình cờ gặp The gufl of turkin incident: kiện vịnh bắc Cochinchina: nam kỳ Indochina: đông dương Luckily=fortunately Rebound: bật lại On the rebound: Relative close: họ hàng gần I am in my 20s Depress: làm cho căng thẳng Crisis: khủng hoảng Devastate: tàn phá Overflow: nước tràn The balloon (heli) The life jacket failed to inflate The theory of everything: thuyết vạn vật Herd mentality: tâm lý bầy đàn Herb: thảo mộc Why follow the herd? Burst: nổ (O) Panic (v): hoảng loạn (O) Make an example/ follow an example The teacher make example of T by the suspensing bridge (đình chỉ) During= when Optimistic about: lạc quan >< pestimistic Over optimistic: lạc quan mức Negotiating table: bàn đàm phán RelationshipS Take risk: mạo hiểm + Ving No doubt: không nghi ngờ I have been to the mountain top In slove: Go into freefall: rơi tự Flash crash -Thị trường bong bóng -Sau thảm họa -HFT: giao dịch công nghệ cao thường xuyên Great Depression trades are carried out by computers in fractions of a second The swiftness of computer programs at buying and selling puts traditional traders at a disadvantage Also, HFT creates potential volatility in the stock market Computer programs that are designed to automatically respond to price points can trigger mass selling before anyone has time to react This was said to have contributed to the 2010 Flash Crash, after a large enough downtick in stocks caused many HFT programs to further withdraw, leading to a drastic crash After that event, government regulators imposed new laws, called “circuit breakers”, which temporarily “pause” trading if a stock falls by a certain percentage, usually 10% or more, within a short time These safeguards give traders breathing room to reexamine their options instead of panicking and selling everything before the stock bottoms out The Securities and Exchange Commission works hard to regulate the wild swings of the stock market But for the modern era, stock markets remains more volatile, and susceptible to crashes than one might ever think Investing is a pretty risky thing to do, but sometimes big risks can have even bigger rewards Broker: môi giới chứng khoán Breaker: phanh Dòng xoay chiều/ dòng ngược chiều Machanism: chế/ system Edible: ăn Spook: dọa ma Ground breaking ceremony: lễ độngthổ Integration into: hội nhập vào All out: tổng lực Heart attack: đau tim Worth +$: giá trị Ngưỡng cửa Stronghold: thành trì Threat to: nguy hại với The golden era of Pose: Transaction: giao dịch Take full advantage of Volatile: biến động A highly volatile personality: Trigger = set off: gây Went off: kêu It is said that (Không phải lùi thì) =People said that (lùi thì) Impose on: áp đặt Lift embargo: dỡ bỏ lệnh cấm vận Take a deep breath: Bottom out: chạm đáy The Security Council of United Nation: hội đồng bảo an liên hợp quốc Swing: dao động Susceptible: nhạy cảm Envolve: (v) mở ra, rút Steep = slope: dốc (n) Overly-inflated market: thị trường bị thổi phồng mức Herd mentality: tâm lý bầy đàn Tham gia theo số đông vào lĩnh vực (dc xem thành công) Take on risky loans Không có biện pháp an toàn, tránh rủi ro Catastrophic: thảm họa Fraction: phân số, phần nhỏ Volatility: dễ biến động Trigger: gây