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In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.
According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) ], a component in the Dow. (CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff. Watch.)
Sources tell CNBC the erroneous trade may have been made at Citigroup [C 4.04 -0.14 (-3.35%) ].
Originally posted by Violater1
reply to post by webpirate
Americans made the similar mistake when they "voted for change." Except it wasn't an "m" or "b". It was a "t" for trillion!
WASHINGTON — Following last-minute adjustments, a proposal to audit the Federal Reserve that the Obama administration once opposed was on the verge of passing the Senate as it attracted broad support from conservatives and liberals alike.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are reviewing “unusual trading” that contributed to a plunge in U.S. equity markets today, according to a joint statement from the agencies. The SEC and CFTC said they plan to make the findings of their review public along with recommendations for appropriate action.
Nasdaq OMX Group Inc. said it’s working with other markets to review transactions during the plunge. Procter & Gamble Co. said it’s looking into electronic trading of the company’s stock to determine whether the trades were made in error. Its shares sank as much as 37 percent and closed down 2.3 percent.