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Friday, May 7, 2010

Error Trade Caused Dow To Crumble

Dow plunged nearly 1000 points at one point yesterday before paring losses ( -347 ) as a suspected trading error in P&G caused trading computers to undergo a technical sell. Apparently, a trader entered a "b" for billion instead of an "m" for million in a trade. Computer trades account for a huge majority of liquidity in the US and the selldown was partly caused by the computers.

Yes, I am surprise and this is almost like the act of god, totally uncalled for !! The panic selling in STI during early trade is also uncalled for !