Is the NYSE currently collapsing? DOW -130.63 since this morning
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Also most tech stocks AAPL, GOOG, BIDU, AOL are down
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Well... probably not, anyway.
http://en.wikipedia.org/wiki/List_of_largest_daily_changes_i...
That page shows 40 specific days in stock market history that have seen a 6% or greater change. In that context, a 1% decline by noon EST is no big deal.