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What a Difference a Letter Makes
Did a trading glitch worsen today's wild ride on the Dow?
Now that the dust has somewhat settled on the New York Stock Exchange, several reports are quoting sources saying a trader entered a "b" for billion instead of an "m" for million in a trade possibly involving Procter & Gamble, which is part of the Dow Jones industrial average.
CNBC quoted sources as saying the erroneous trade may have been made at Citigroup.
"It was a very odd thing to happen to a staple like that," said Bill Stone, chief investment strategist at PNC Wealth Management. "That's the kind of safe-haven stock you expect to stabilize the market."
Other suspicious trades included the iShares Russell 1000 Value Index Fund (IWD), which dropped from close to $60.00 to 7.5 cents.
"These ETFs traded to lows that are not mathematically correct," a trader said.
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