Human error may be to blame for market drop
Posted May 6, 2010 04:08:33 PM.
This article is more than 5 years old.
It was 1987 revisited mid-afternoon Thursday as the Dow Jones started to drop like a stone and lost 700 points in just a few minutes and it turns out human error may be at fault.
The NYSE has said there were a number of erroneous trades at Procter and Gamble. The Dow dropped 700 points in 15 minutes hovering at almost a 1000 point loss for a few scary moments. The Toronto Stock Exchange also dropped sharply
According to CNBC, a possible reason for the drop was a trader error in which someone may have entered a “b” for billion instead of an “m” for million in a trade.
Markets began to rebound before the closing bell.
The Canadian Dollar ended down more than two full cents and the Dow lost 345 points, while the Toronto Stock Exchange was off by just 33 points at the end of the day.
