jimdana1942
oldtimer
The Dow dropped almost a 1000 points today but has recovered back to about -400 right now.
Last edited:
DOW just had biggest 1 day drop in History
- Thread starter jimdana1942
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From CNBC
"In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses in what possibly could have been a trader 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.)
Sources tell CNBC the firm in question that handled the erroneous trade is Citigroup. The bank said it has no evidence of a bad trade but is investigating the situation"
Looks like a classic "fat finger discount."
"In one of the most dizzying half-hours in stock market history, the Dow plunged nearly 1,000 points before paring those losses in what possibly could have been a trader 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.)
Sources tell CNBC the firm in question that handled the erroneous trade is Citigroup. The bank said it has no evidence of a bad trade but is investigating the situation"
Looks like a classic "fat finger discount."
CloudStrife
Why so serious?
Don't worry. It'll all come out in the wash.
Well, the way I look at it, I will be able to retire at the young age of 375 years if this keeps up. 
It is interesting, Rabini when interviewed did not seem caught off guard. Faber had been predicting a correction with an overall growth for the year. Got to agree with these guys. They both think that sovrergn debt for most countries have a big confidence problem(and there should be), but Rabini would say the dollar is a good risk aversion play where Faber (who I think is dead on on this point) says the worst thing to have is cash. I think tomorrow will be a big buy chance but wait till the job # come out.
thatwhichisnt
Well-Known Member
I bet Jim Cramer had a heart attack.
haha Im picturing his face when he must of heard the news
thatwhichisnt
Well-Known Member
The rich are loving it. They make a KILLING during these wild up and down swings.
The DOW should have never gone back up to 10,000+ anyway. The only reason it did is because the FED window has been wide open pumping money into the system. Well, that and all the bailout money.
The DOW should have never gone back up to 10,000+ anyway. The only reason it did is because the FED window has been wide open pumping money into the system. Well, that and all the bailout money.
thatwhichisnt
Well-Known Member
correct.
CloudStrife
Why so serious?
How are the rich loving it? When someone makes money, someone else is losing. They don't all win.
