Anyone notice that 1000 point drop in the Dow Jones, apparantly the cause was human error – fat finger syndrome !
A HUMAN trading error at a “major firm” may have caused a huge plunge in the US share market overnight.
A TRADING error known as the “fat finger problem” at a major investment bank may have caused a huge plunge in the US stock market overnight.
The crash began shortly before 2.25pm local time, when in a white-knuckle 20 minutes America’s top 30 firms saw their share prices dive 998.5 points, almost nine per cent, wiping out billions in market value.
The drop eclipsed even the crashes seen when markets reopened after September 11, 2001 and in the wake of the Lehman Brothers collapse.
Rumours swirled around the market that a trader had reportedly entered a “b” for billion instead of an “m” for million in a trade involving Procter and Gamble, reports said.
This set off a chain of trades that led to the largest intra-day plunge in the history of the Dow Jones Industrials average.
Shares in Procter and Gamble fell from $US61.56 ($69.50) a share to $US39.37 a share and then quickly bounced back again.
WOW amazing what one typo can do…. if you believe that’s what really happened …..
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