Dow Trader Error
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How To Trade The Dow Jones Industrial Average
HURRICANE MATTHEW KIM KARDASHIAN NEW YORK METS DERRICK ROSE New York Daily News news Follow Us Facebook Twitter Instagram Pinterest YouTube Subscribe Follow UsNewsletter App Subscriptions Subscribe Get Our Newsletter A daily blend of the most need-to-know Daily News stories, delivered right to your inbox. 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 More Sports Crime U.S. 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 Dow freefall BY Brian Kates DAILY NEWS STAFF WRITER Friday, May 7, 2010, 10:30 AM facebook Tweet email 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. Read more: http://www.nydailynews.com/money/2010/05/07/2010-05-07_ (Acker/Bloomberg) BY Brian Kates DAILY NEWS STAFF WRITER Friday, May 7, 2010, 10:30 AM The Securities and Exchange Commission has launched a probe to figure out whether malice or human error triggered Thursday's record stock market plunge.A trader may have entered $16 billion instead of $16 million in a deal involving Proctor and Gamble, sparking a 998-point nosedive and creating widespread panic.U.S. stocks tumbled the most in a year as waves of computerized trading exacerbated the rout, sparking a slide in Asian shares. 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. markets closed that the
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trading error cause the stock market and Dow Jones plunge today May 6, 2010? The Dow took a free fall this afternoon, plunging nearly 1,000 points. Fears that Greece won't be able to dig itself out of its debt problems -- http://uaddit.com/discussions/showthread.php?t=13712 and that the troubles will spread throughout Europe -- are a probable cause. But now on http://www.cbsnews.com/news/greek-debt-trader-error-eyed-in-market-sell-off/ TV they say today's market crash was cause by a trading error. Is it true? CNBC and other sources are reporting a trading error at a major firm. What firm is that? asked by Garret in Investing | 4071views | 05-06-2010at09:13 PM Answer Question! Earlier today, the Dow Jones Industrial Average gave Wall Street — and a healthy chunk of the Internet — quite a how to scare when it fell more than 1,000 points before healthily bouncing back later in the afternoon. Early reports tied the plunge to the hot-button finance story of the day — the turmoil in Greece over debt concerns — but as new details emerge, it appears that technical or math errors may have been to blame for the severity of the Dow’s plunge. The Dow, which was being celebrated just weeks ago for its return to the 11,000 level, was down between how to trade 500 points and 900 points in wild Thursday afternoon selling. All the major market indexes were bleeding, with percentage declines over 3% in both the Dow and Standard & Poor's 500 Index on Thursday. Within five minutes, the Dow dropped 997 points shortly after 2 p.m., and then by 3 p.m. had recovered more than 600 points of that decline. The S & P 500 index and Nasdaq followed suit, with the Nasdaq at one point down more than nine percent. A the close of trading on Thursday, the Dow was down 348 points, or three percent. Some market commentators are viewing a huge drop in Proctor & Gamble shares as sign that the sudden dip in the markets was no more than a trading error that was reminiscent of the stock market crash of 1987. A trading program error, or even human error, could have been behind the sudden and precipitous dip. Christopher Ruth, chief investment officer for Comerica Asset Management, said that he was skeptical of how the market was trading. Some activity just didn't make sense -- making his group question if some sort of technical, mechanical computer error took place. "It doesn't look and feel like your typical market sell off," Ruth said. "My advice would be 'Don't be panicked into selling something.'" The rumor is the whole market plunge was a trading error. A trader at a major firm typed in a "B," as in billion ins
In Join CBSNews.com Sign in with CBS Moneywatch Markets Money Work Small Business Retirement Tech Trending Video Get By CBSNews CBS/AP May 6, 2010, 2:50 PM Greek Debt, Trader Error Eyed in Market Sell-Off Comment Share Tweet Stumble Email Updated 7:40 p.m. ETThe stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour. The sell-off was first thought to have been driven by fears that Greece's debt problems could halt the global economic recovery. But reports suggest that a trader error may have been the primary catalyst or that both factors contributed to the massive drop. CNBC first reported that "According to multiple sources, a trader entered a 'b' for billion instead of an 'm' for million in a trade possibly involving Procter & Gamble, a component in the Dow."Because so much U.S. trading is now done electronically based on programmed scenarios, such an error could have triggered its own domino effect of "sell" orders across the market.The market's plunge came less than 90 minutes before the end of trading. The Dow's drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent.(Scroll down to see a graphic of how the day went on Wall Street)Still, the Dow was already down more than 200 points as traders watched protests in the streets of Athens on TV. Protestors raged against austerity measures passed by the Greek parliament. But traders were not comforted by the fact that Greece seemed to be working towards a resolution of its debt problems. 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 Dow fell 998.50 points in its largest point drop ever, eclipsing the 780.87 it lost during the course of trading on Oct. 15, 2008, during the height of the financial crisis. The Dow closed that day down 733.08, the biggest closing loss it has ever suffered.The Dow has lost 631 points, or 5.7 percent, in three days amid worries about Greece. That is its largest three-day percentage drop since March 2009, when the stock market was nearing its bottom following the financial crisis.Two stocks had terrifying falls. Proctor & Gamble dropped from $62 to $39 in minutes. And Accenture, which started the day at $42 a share collapsed to just a single penny before both recovered, reports CBS News correspondent Anthony Mason."The market is now realizing that Greece is going to go through a depression over the next