Stock Market Drop May Have Been Trading Error

5:27 pm EST May 6th, 2010 | Economy | 14 Comments

Whoops

A trading error at a major firm was to blame for the day’s market plunge, CNBC reported on Thursday.

Separately, Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m.

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14 Responses to “Stock Market Drop May Have Been Trading Error”

  1. calling all toasters says:
    May 6, 2010 at 6:04 pm

    It’s amazing that Obama could get him to do that. Was the firm ACORN?

  2. Frank DiSalle says:
    May 6, 2010 at 8:07 pm

    If this happened two years ago, the first comment would have been: “yeah, sure it was”

  3. durablend says:
    May 6, 2010 at 8:07 pm

    No doubt Soros had something to do with it….

  4. Enlightened Liberal says:
    May 6, 2010 at 9:09 pm

    It did happen 2 years ago, and no, the first comment wasn’t “yeah, sure it was.” Fail, again.

  5. timmy says:
    May 6, 2010 at 10:35 pm

    Is this it? Is this the “socialism” kicking in?

  6. Quaker in a Basement says:
    May 7, 2010 at 12:20 am

    If it makes you feel any better, my first thought this time was, “Yeah, sure it was.” Keep in mind Bartcop’s Law on mistakes. When someone’s “mistake” puts money in their pocket, expect them to make that mistake over and over again.

  7. Jamie says:
    May 7, 2010 at 9:57 am

    Here’s an obresvation, if you decrease the number of uneployed and the unemployment rate goes up, you aren’t determining the unemployment rate correctly.

  8. Frank DiSalle says:
    May 7, 2010 at 12:12 pm

    Jamie, that’s what happens when you use unemployment claims to measure employment. You might as well use parking tickets to determine how many drivers there are.

  9. Burn says:
    May 7, 2010 at 12:17 pm

    Trader #1 – What’s this button do?
    Trader #2 – Don’t push that button!
    Trader #1 – Oops, my bad!

  10. Kyla says:
    May 7, 2010 at 12:30 pm

    what actually happened yesterday makes no sense. and how on earth is this socialisim. this is another stock market decline

  11. william says:
    May 7, 2010 at 1:27 pm

    No trading error:

    CME Group has issued a statement following rumors that erroneous or irregular trades by Citigroup Global Markets Inc may have been the cause for a more than 900 point drop in the Dow Jones Industrial Average during mid-day trading on Thursday:

    “While our policy is not to comment on individual participation in our markets, in light of volatile market conditions, CME Group confirmed that activity by Citigroup Global Markets Inc. in CME Group stock index futures markets does not appear to be irregular or unusual in light of market activity today.”

  12. Burn says:
    May 7, 2010 at 1:34 pm

    But it’s Obama’s fault too right?

  13. Randy Brown says:
    May 7, 2010 at 7:25 pm

    As wrestling fans used to chant in South Philly:

    “YOU F**KED UP! YOU F**KED UP! YOU F**KED UP!!”

  14. Quaker in a Basement says:
    May 7, 2010 at 7:56 pm

    Had to be some kind of error for Accenture to trade at 1 cent. You might make the case that it wasn’t technically a “trading error,” but something sure went wrong.