May 6, 2010

Trader error triggered 1,000 point DOW plunge

From a report at the link below:

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.

According to multiple sources, a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble 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.

Sources tell CNBC the erroneous trade may have been made at Citigroup.