Stock Market History Today



According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble


lol citigroup
citigroup lol
 
Haha fucking citibank. "Multiple sources said a trader entered the letter "b"—as in "billion"—when he or she meant to type "m," for "million". You WOULD think they have a confirmation page saying "HEY ARE YOU SURE YOU WANT TO SELL BILLION INSTEAD OF MILLION???"

News Headlines

^^Edit beat me to it.
 
What the heck happened, how did it go down 1k points and then rebound 700 in an hour... I get the drop but why the rebound? I cant find anything on a banking error.

Edit: nvm thanks for the link
 
Also... Who actually believes that a typo by one guy was able to almost kill the stock market? They seriously don't have any sort of confirmation before putting in a billion dollar order? Sounds a bit fishy.
 
Been watching CNBC, doesn't look like there was a stupid error like that. The NYSE CEO is explaining it due to their "slowing" of trades in certain stocks, where they pause trading in a stock for 60-90 seconds if they think it's going to gap down. What he believes happened is that during that time, computers sought other exchanges to execute the trades. Since it was such a thin market, with few buyers, if a seller put in a market order at that time, they may have been hosed with a really low price. Apparently a number of stocks, including Accenture, briefly traded near $0 today. Awesome.
 
BeerNuts said:
What the heck happened, how did it go down 1k points and then rebound 700 in an hour... I get the drop but why the rebound? I cant find anything on a banking error.

Edit: nvm thanks for the link
Click to expand...

People were buying PG up after it tanked. Probably C buying everything back...

Check out that drop:

screenshot20100506at132.png
 
I luv being able to buy 3x bull ETFs when the market is down 800 points, then selling them back 5 minutes later when its only down 400 points. Easiest profit ever, can't wait till tomorrow's trading, its going to get real interesting.
 
my dad's a full-time trader.. pretty crazy to have him in the office with me seeing his reactions to what was happening.. we have another trader in our building who has lost over 40% of his portfolio since the oli crisis in the Gulf.. pretty volatile stuff going on.
 
LotsOfZeros said:
The increased volume leading up to the huge drop leads me to believe this was more than just some idiot pushing the wrong button.
Click to expand...

The increased volume lines up with the beginning of the huge drop, I think that was either the guys "billion" dollar sale or everyone jumping ship on the drop.
 
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