we begin with market mayhem on this friday, may 7th. >> overseas markets are following the dow's free fall this morning. so, what caused the biggest tumble in its history? and we're in athens. could the money crisis in greece be to blame? and is it the first of many countries to ask for billions in aid? then, new details about the times square plot, as we talk to the two agents who stopped faisal shahzad's getaway. good morning. thanks for being with us on this friday. a concern over the dow's huge thursday swing spread around the world this morning. >> that freakish 1,000-point drop, coupled with fears of the debt crisis in greece could

spread, is sending stock markets lower today. in friday, trading in asia plummeted, with japan's main index down 3%. >> but dow futures have actually been up overnight, likely because of this morning's release of another positive jobs report. we'll get to greece in a moment. first, t.j. winick into the investigation of the dow's big drop. >> reporter: asian stock markets fell across the continent early this morning, following massive losses on wall street thursday. at one point, the dow jones industrial average plunged nearly 1,000 points, the biggest drop ever during a trading day. >> that was probably the most disturbing trading activity that anybody's going to see in their lifetime. >> reporter: but 3:00 p.m., the dow was down 300 points. then, the drop that had market watchers shaking their heads in disbelief. by 2:42, the market was down 411 points. 2:44, the plunge was 516 points.

2:46 p.m., 707 points. and by 2:48 p.m., down 995 points. bottoming out down 998 points, a plunge of 587 in just six minutes. nasdaq is, indeed, investigating potentially erroneous trade. >> reporter: late in the day, human error was being blamed for the free fall. speculation that a trader was trying to sell 16 million in shares, accidentally punched 16 billion. then, the rebound. as the day came to a close, the dow was down 347 points. >> i think this is the only time we'll breathe a sigh of relief for a market that was only down 300 and change. >> reporter: the hope is that the market will rally again this morning, on the expected news that the economy added jobs for the second-straight month. >> it is certainly a sign pointing to the american economy's recovery. that said, it's no guarantee that things are going to continue to improve. >> reporter: because of the likely human error, the nasdaq announced it would cancel some

trades made during the height of the sell-off. jeremy and vinita? >> t.j. winick, thank you. european leaders meet in brussels to approve their plan to bail out the economy. greece is at the edge of bankruptcy. >> that threatens all 16 euro zone countries. simon mcgregor-wood is in athens with the latest. good morning, simon. >> reporter: good morning, jeremy and vinita. athens a city getting back to work this morning, where there is great anger. spending cuts, the parliament voted through last night, despite the violent protests on the streets. at stake, is $40 billion worth of spending cuts over the next three years. amidst tax heights. means pay cuts for civil servants. means lower pensions. and job cuts, for sure. and all because greece is drowning in debt. it desperately needs to get its hands on the $140 billion bailout from the imf and european union. no cuts, no bailout. the problem is, if they don't

get their hands on the cash, the greeks may saturday to default on their debt. in two weeks, on the 19th of may, $12 billion of bonds come up for repayment. and the greeks simply don't have the cash. so, the world will be watching the government to see if they can force through these cuts, despite the rising tide of public anger. many greeks say the wrong people are being targeted. and they're vowing to continue to fight these spending cuts. and the markets won't like the sound of that one bit. jeremy? vinita? back to you. >> our thanks to simon. so, bringing you up to date now, between the debt crisis in greece and thursday's thrill ride here in new york, where do things stand today? >> the s.e.c. is investigating the dow's 1,000-point temporary drop. the finance leaders of the g-7 nations will discuss greece during a conference call today. and an upbeat jobs report is likely to give traders some solace, as u.s. markets open this morning. a fragile situation to be sure, which we will cover in depth later on "gma," broadcast in

part live this morning from the new york stock exchange. well, the results of britain's elections could contribute to more economic uncertainty to global markets this morning. the vote gave no party a decisive majority. so, it will take days of political wrangling before a new government can be formed. sonia gallego is in london this morning with all the details. good morning, sonia. >> reporter: good morning. the votes were cast. and today, britain wakes up to a hung parliament so far. a situation that has not been seen in the country since 1974. the latest results show the conservative party, led by david cameron, is just ahead. but the party lacks the amount of votes needed to make up an outright majority. but all may not be lost for labor leader, gordon brown, just yet. his seat may be safe. but gordon brown's labor party now has a huge fight on its hands to lead the country. >> my duty to the country, coming out of this election, is to play my part in britain having a strong, stable and principled government.

able to lead britain into sustained economic recovery. >> reporter: with the results this close, brown legally has the first chance to form a government under a power-sharing deal with other parties. despite his conservative rival calling for brown to accept defeat. >> it is already clear that the labor government has lost its mandate to govern our country. >> reporter: a victory for cameron would see a diplomatic distancing from the rest of europe and stronger ties with the u.s. in a bid to revitalize that special relationship between the two countries. there was also high drama at some polling stations around the country. scuffles broke out, as people who had been cueing as the polls were closing, were denied their rights to vote. >> people missed out their votes. >> it's terribly undemocratic. we're very angry. >> hear hear. >> reporter: for now, what is facing the country is a political scene fraught with tension, as the fight to lead the country now enters its final

stage. all this, against a grim economic landscape. >> as you said, days of wrangling ahead. sonia gallego in london this morning. thank you. in the gulf of mexico, a new battle to stop a massive oil leak is under way. overnight crews set a 100-ton containment box into the water and began lowering it 5,000 feet to the seabed. its decent was delayed because dangerous fumes were building up. the box will go over the biggest leak. and if it works, most of the oil will be siphoned up to ships on the surface that will transfer it to shore. the device could be operating by sunday, if everything goes as planned. now, for this morning's weather from around the nation. up to a foot of snow from the dakotas to wisconsin today. heavy rain from the midwest to tennessee. moving, later, to western new york and pennsylvania. large hail, 70-mile-per-hour winds, and isolated tornadoes in detroit, indianapolis, cleveland, louisville and pittsburgh. and showers in south florida. >> just shy of 90 in miami,

new orleans and atlanta. 70s in the northeast. 50s in detroit, chicago and open ha. 59 in salt lake city. phoenix climbs to a scorching 96 degrees. and when we come back on this friday, stock market gone haywi haywire. how the story's playing in the press this morning. and tracking down the suspect. we talk to the agents that were first to find faisal shahzad. and produce scare. an e. coli outbreak leads to a recall of lettuce. thanks to the new venture card from capital one, we get double miles with every purchase. so we arned a tropical vacation in half the time. we earn double miles every time we use our card. ( shouts ) double miles add up fast so we can bring the whole gang. ( grunting ) awesome! it's hard to beat double miles. everyone knows two is better than one. introducing the venture card from capital one... with double miles on every purchase every day. go to capitalone.com. ( gasps ) what's in your wallet? wait up!

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welcome back to "america this morning." we're just getting our first look at how yesterday's market scare is being played in the press today. the business page of today's "new york times," the headline says, "high-speed trading glitch costs investors billions." talking about that essentially a typo that caused such a scare. >> we have the front page, of "the new york times," that made front-page coverage, as well. the story there, market drop fueled by a crisis and anxiety. we are hearing more about that potentially heavy finger hit the wrong zero. >> it's strange how one typo can set the whole world on end. the financial world. the jitters still being felt this morning. tokyo's nikkei average plunged more than 3% today. hong kong's hang seng down sharply. and the london, the ftse is down big. the nasdaq tumbled 82 points. goldman sachs appears to be backing down from its pledge to

fight the government's fraud charges. the firm is suggesting that the banks lawyers meet with members from the s.e.c. to reach a settlement. goldman shares are down more than 20% since the s.e.c. accused the firm of defrauding investors. the so-called cash for caulking bill goes to the senate, now that the house has approved the energy rebate program. homeowners can receive thousands in rebates for replacing insulation, doors and windows for energy-efficient products. supporters say it will help the construction industry and make the earth a little cleaner. there's been another e. coli outbreak. this one linked to tainted romaine lettuce. at least 19 people in new york, ohio and michigan have gotten sick. including three with life-threatening symptoms. fresh way foods are recalling lettuce sold under the fresh way and imperial cisco brands in 23 states. coming up next on this friday morning, reaching out. the cleanup of flood damage in

nashville is under way, as the town's biggest stars lend a hand. and a former nfl star, facing very serious charges this morning. subway now has breakfast! your... better breakfast. however you want it! [ male announcer ] spread the word -- subway now has breakfast! get the deliciousness just the way you want it, like the subway western egg white muffin melt. build your better breakfast at subway. a deep ache all over.

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parts of the dakotas are looking a lot more like the middle of winter than spring this morning. a late-season storm dumped several inches of snow in the black hills yesterday. other areas could get up to a foot more today. >> black whils looking white this morning. all that snow is definitely going to take a toll on the morning commute. it will be icy on i-94, from fargo into bismarck and in wisconsin. wet on i-75, and i-80, from the midwest into the ohio and tennessee valley. >> if you're flying today, expect airport delays in minneapolis, detroit, chicago, memphis and miami. well, we are getting an inside look at the connecticut apartment rented by the times

square bombing suspect, faisal shahzad. >> he had an air mattress, oreos, potatoes, a george clooney movie and artist paints on a table. >> shahzad left the apartment to board a plane for dubai. now, here's pierre thomas with the man who caught him there. >> reporter: 10:55 monday night. officer paul casquarelli was standing on the tarmac next to emirates flight 202 at jfk airport when the urgent call came in. >> the call just comes in that we have a positive no-fly suspect, subject on this aircraft, the emirates aircraft at this gate. said that the no-fly issue was that he was a positive suspect in the times square bombing from saturday evening. >> reporter: the doors were shut. and preparations were being made to depart. >> it could have been minutes from pushing back from the gate. >> reporter: casquarelli and officer robert mcconkie rushed to the door of the plane not knowing what to expect from a suspected terrorist.

>> advised the airline personnel of who the passenger was and to have him paged through the intercom system. >> reporter: amazingly, faisal shahzad heard his name, got his bag, and walked right up to the front of the plane. seven minutes after the call came in, shahzad is pulled off the airliner. >> he inquired as to who i was. are you fbi? are you nypd? i looked over him, showed him the patch. i said, no. i'm with customs and border protection. he looked over at me, said, i was expecting you. what took you so long? >> reporter: as for shahzad's demeanor, remarkably relaxed. >> he realized it was up, this was it. >> reporter: by 11:15, shahzad is shackled in this holding cell. so, this is where you actually held him? >> yes, sir. >> reporter: the officers were relieved they had the primary suspect. but their concerns were far from over. >> i asked him how he came to the airport today. did you take the train?

he said, no, i drove here. so, okay, where is the car? and he indicated it was parked out here in the parking terminal. and he came forward right away. said, there is a caltech 2000, a rifle. >> reporter: shahzad said there was no bomb. the officers didn't trust him. what were you worried about? >> reporter: bomb-sniffing dogs cleared the scene. it wasn't until hours later that any of the officers exhaled. the officers at jfk say every day their job is to try to catch a suspected terrorist. on monday, they did. pierre thomas, abc news, new york. the death toll in tennessee has risen to 20. the hardest hit is the nashville area. many are heading back to work. and power has been restored to most areas, as the floodwaters recede. taylor swift has raised $500,000 to help those flood victims. she has called nashville home since she was 14 years old. a texas man is on a mission to revive corporal punishment in

dallas schools. he promotes bringdownlicks.com. corporal punishment advocates say the looming threat of a school spanking is enough to keep most kids in line. others say alternative punishments like detention are also effective. pro football hall of famer, lawrence taylor, is free on $75,000 bond, after being accused of raping a teenager. police in suburban new york city say taylor paid the 16-year-old girl $300 to have sex in a motel room. but an attorney says taylor is a loving family man, who did not rape anybody. taylor has had a well-publicized battle with addiction since leaving pro football. it is time, now, for your friday morning sports. >> we begin with the nhl. the sharks are looking to close

it out in hockey town. franzen gets it to go. his third goal of the playoffs. still in the first. todd bertuzzi, leaves it for franzen. they call him the mule. and he was carrying the red wings. the fourth goal of the playoffs. 3-0, detroit. later, forget the mule. you can call him the natural. zetterberg finds franzen. three-straight goals. the natural hat trick at 3:26. had a helper in the first. third period, now, up 6-1, nick lidstrom said, quote, i haven't seen a guy being hot like that ever. now, he has. franzen, fourth goal of the game. wings take it, 7-1. meanwhile, sid the kid and the pens looking to take a 3-1 lead over the canadiens. tied at 1-1 in the first. crosby, to chris kunitz. he's got the goal. takes two efforts. second time a charm. his third goal of the playoffs. 2-1, pens. to the third period, same score.

lots of traffic in front. maxim lapierre. beats marc-andre fleury, the wraparound. we're tied at 2-2. later in the third, piatt to gionta. just over four to go. penguins still down, but with a chance. evgeni malkin gets the turnover on the break-away. but jaroslav halak stands it up. we're tied 2-2, in the series. that's a look at your espn news highlights. i'm steve weissman. back to you in new york. up next, the stories we'll be following today, including the new trading day, getting under way. will wall street recover? and why there will be lots of famous moms at the white house later today. when i really liked to be outside, i did not like suffering from nasal allergy symptoms like congestion. but nasonex relief may i say... bee-utiful!

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this friday. nervous investors head back to wall street after yesterday's 347-point drop. investigators want to know if a typo by a trader helped trigger the massive 1,000-point sell-off. investors will also be watching today's jobs report, which is expected to be positive news. president obama will talk about the unemployment numbers this morning at the white house. greece is bracing for more unrest, as its drastic plan is going into effect. leaders of the european union and international monetary fund meet today on measures of the failing greek economy. a giant containment box is being placed over the biggest oil leak in the gulf of mexico. the box should funnel oil into hoses and bring it to the surface. but the method has never been tried so deep. first lady michelle obama hosts a mother's day event at the white house. plus, tricia nixon talks. and susan and ann eisenhower. >> big day there. for some of you, your local news is next.

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they will all be showing up today. family, friends, classmates, neighbors and those who have been touched by the death of yeardley love. grease or glitch? what caused the market to crash yesterday. can we find it today? all those stories are just ahead on this friday morning. thanks for joining us. how are you? >> i'm great, how are you? >> discovery weekend this weekend, with the ms society, it'll be fun. >> let's discover our weather. shall we? >> i love it. >> 4:58. we take a look outside. temperatures trying to pull back

a little bit. little cool breeze you'll notice this morning. park villeville brings us down to 56 degrees. perry hall and aberdeen. 51 pylesville. 57 at dundalk and in arnold. overall, our wake-up temperature's not right. going to take us a while to get to 65. sunny to partly cloudy afternoon, breeze out of the northeast. holds out to a high of 76. still running above normal, but this will end our stretch. right now let's get a check on traffic, here's kim. >> good morning, everyone. we have problems in baltimore city, argon drive at harford road is closed in both directions because of a concern about the bridge. i'll work on that and try to get more details on that. as we take a peak around the cameras, not looking