It scared a lot of people and it makes you think about a possible catastrophe caused by a computer error in the Stock Market. Sources said this afternoon that a trading error at Citigroup may have led to the abrupt drop. A chart of the S&P 500 Index (upper right) is displayed on a computer sceen on the floor of the New York Stock Exchange on Thursday. While investigations take place, let's not forget that foolish money mistakes happen all the time, particularly when people act on emotion.
The Associated Press contributed to this report. As expected, there's been some back pedaling about what happened here from those who may be possibly involved. Search Menu ABC News Log In Election U.S. In the end, the trading error may have been a human error - but it is one that doesn't do much to restore confidence in the financial industry.Sources:CNBC CNBC Thursday, May
Nasdaq announced it will cancel all trades of stocks at prices that were 60% above or below the last price at 2:40 p.m., or immediately prior.The crash began just after 2:30 Initial finger pointing reeled in Citigroup's name in the mix. and 3 p.m. Featuring CBSN, 24/7livenews.
When a stock index drops by a big amount, for example, computers can unleash a torrent of sell orders across the market. You can point the finger at the European sovereign debt crisis for this, but you should also throw in some dunderheaded moves by some trigger happy traders to get the formula The Procter & Gamble stock later recovered, yet still closed 2.27-percent down to $60.75 per share. A trading program error, or even human error, could have been behind the sudden and precipitous dip.
At this point, we have no evidence that Citi was involved in any erroneous transaction," the bank said in a statement. Trade Dow Jones Index World Entertainment Health Tech … … Health Tech Lifestyle Money Investigative Sports Good News Topics Weather Photos More ABCNews Cities Cities New York City New York City Los Angeles Los Angeles nullSLIDESHOW: Bank Protesters Target D.C. that it called clearly erroneous.
The market rebounded to close down at 347.80 points, a 3.2% decline.The SEC and Commodity Futures Trading Commission said in a joint statement after U.S. Instead, they focused on the possibility that other European countries would also run into trouble, and that the damage to their economies could spread to the U.S. "The market is now Americans should toast The Battle of Puebla on Cinco de MayoThe Battle of Puebla is the real reason for Cinco de Mayo, not Mexican Independence Day, but Americans should celebrate just World Politics Share This facebook Tweet email SEC examining whether trader error or malice on Proctor and Gamble deal led to 998-point Dow fall SEC investigating whether trader error caused 998-point
Economists Worry About Greek Economic Crisis "It was horrific timing to have it both happen at the same time," said Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., were already skittish about what they're seeing in Greece." Doug Roberts, the chief investment strategist of ChannelCapitalResearch.com in Shrewsbury, N.J., said that glitch or not, investors may have been looking for How To Trade The Dow Traders use those programs to try to limit their losses when the market is falling. How To Trade The Dow Jones Industrial Average The trade was entered in billions instead, they said.
All rights reserved. The allnew CBS News App for Android for iPad for iPhone Fully redesigned. gov. A person close to BlackRock, which manages the IWD, said there was no unusual trading in the iShares product.
This just means that no heads will roll because of the incident, which is pretty much status quo. So how about some funnies in response to yesterday's action? And to think that these people get paid a ton of money because they're so much smarter than all of us. 😉 According to multiple sources, a trader entered a "b" Learn more about us, our contributors, and our governance We encourage you to comment.
Sign Up Get the latest breaking news, entertainment, sports and more.Download Our App Subscribe to the newspaper, our e-edition, or both.Subscribe Select Sport Football Basketball Baseball Hockey Soccer College High School World Politics Entertainment Gossip Games Entertainment Pics TV Movies Music Theater & Arts Horoscopes Daily Weekly Monthly Pet Horoscopes Lifestyle Health Homes Food Viva Opinion Autos Buyer's Guide Ratings & Reviews But traders were not comforted by the fact that Greece seemed to be working towards a resolution of its debt problems.
It is believed an equities trader at an unknown financial intermediary accidentally executed a trade position with a “b” (indicating billion), instead of what was supposed to be with a “m” ET, amplified concerns about the spreading European debt crisis as the approval of austerity measures by the Greek Parliament sparked renewed rioting in Athens. "There is simply a growing recognition that But reports suggest that a trader error may have been the primary catalyst or that both factors contributed to the massive drop. cops fired after girl left in patrol car dies 155444 views Watch CBSN Live Late Night Comedians Pounce On Trump Video McCain Withdraws Trump Support Hurricane Matthew Rumbling Up Atlantic Coast
Video Asia Video Europe Video CEO Interviews Analyst Interviews Full Episodes Shows CNBC U.S. All the major market indexes were bleeding, with percentage declines over 3% in both the Dow and Standard & Poor's 500 Index on Thursday. Playnull Procter & Gamble stock opened today at 62.68, and stayed in a narrow range until 2:28 p.m., when it suddenly plunged to 53.99 in just four minutes. Sign Up Get the latest breaking news, entertainment, sports and more.Download Our App Subscribe to the newspaper, our e-edition, or both.Subscribe Select Sport Football Basketball Baseball Hockey Soccer College High School
Global Shipping Drops to New Lows Copyright © by Personal Money Store Apply Now! 1-877-648-6471 About Archives Categories Contact Helping You Make Smart Financial Choices Follow Feed Email Home Credit Cards They have intensified over the past week even as Greece appeared to be moving closer to getting a bailout package from some of its neighbors. The yield on the benchmark 10-year note, which moves opposite its price, fell to 3.4 percent from late Wednesday's 3.54 percent.Associated Press Tim Paradis Subscribe Today! The Nasdaq Stock Market said it was reviewing its trades with other trading networks.NYSE chief operating officer Larry Leibowitz said all the major stock exchanges were holding a conference call with
Jay @marketfolly Silicon Valley Blogger May 7, 2010 at 3:19 pm Thanks Jay. Subscribe Follow Us Facebook Twitter Instagram RSS Most Popular Two earthquakes strike Bay Area early Saturday San Francisco: Boat capsizes, 30 people rescued ‘Miss Flo,' victim of violent San Jose robbery, You would think there would be better control mechanisms that would stop something like that from happening…but I guess not… Previous: Nintendo posts fair earnings as Wii demand slumps Next: U.S. A the close of trading on Thursday, the Dow was down 348 points, or three percent.
There were reports that the sudden drop was caused by a trader who mistyped an order to sell a large block of stock. Primetime CNBC Asia-Pacific CNBC Europe CNBC World Full Episodes MoreLog In|RegisterLog OutNews Economy Finance Health Care Real Estate Wealth Autos Consumer Earnings Energy Life Media Politics Retail Commentary Special Reports Asia All Rights Reserved. The Digerati Life Email Feed The Digerati Life RSS Feed Follow us on Twitter Related Posts: The Stock Market Ruined My Life How To Invest In Commodities as an Average Investor