CNBC: Stock Selloff May Have Been Triggered by a Trader Error
In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses—all apparently due to a trader error.ERROR?
According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble [PG 60.75 -1.41 (-2.27%) a component in the Dow.
(CNBC's Jim Cramer noted suspicious price movement in P&G stock on air during the height of the market selloff. Watch.)
HMMM... MAYBE IT WAS HACKED.
BY RUSSIA OR CHINA OR THE GLOBAL JIHAD.
White House doesn't rule out sabotage in market fluctuationI SCOOPED THE WHITE HOUSE!
President Barack Obama has not ruled out sabotage in the near-panic on Wall Street Thursday afternoon.
White House press secretary Robert Gibbs said Obama's economic team was jolted by the news and met with Obama shortly after the market plunged.
The president announced Friday morning that a full review is being conducted, and Gibbs said Obama is waiting to hear the results of a review before ruling out what might have caused it, including the possibility of sabotage.
“I wouldn’t rule anything in or rule anything out,” Gibbs told reporters in his West Wing office Friday. “I think that’s, appropriately, why they’re reviewing what may or may not have happened.”
Gibbs said Obama thinks the “the circumstances around this is something that should be watched or should be reviewed and looked at.”
It remains unclear what led markets to dramatically fall Thursday. The Dow Jones Industrial average lost nearly 1,000 points before rebounding.
Theories have included a technology problem and a mistaken transaction by a large trader.
The Securities and Exchange Commission and Commodity Futures Trading Commission on Thursday announced a joint investigation of the matter.