Trader’s million dollar mistake makes Market almost collapse
Both Fox News and CNBC reported that a trading error involving P&G stock could have been responsible for part of a massive dip that dragged and shocked the Dow Jones Industrial Average within a hair’s breadth of a 1,000-point drop.
The Dow fell 998.5 points, slipping well under 10,000 after a sudden sell-off that saw investors desert stocks .
A trade done by mistake may have been partially to blame for a huge crash in the US markets on Thursday, reports said, as observers questioned why Proctor & Gamble’s stock tumbled precipitously.
CNBC and Business Insider reported that a trader from Citigroup was to blame, though a Citi spokesman cautioned it was too early to tell what had happened. Suspicions that an error, whether mechanical or human, had contributed to the market dive emerged shortly after the Dow leveled off, and it began to climb almost as quickly as it had fallen.
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