Computer Glitch Contributed to Dow's Rapid Fall Today
An AP newswire article, via MSNBC, reports that:
When the Dow Jones industrial average plunged to its low of the session Tuesday, it happened with incredible swiftness — a matter of seconds — because of a computer glitch that kept some trades from being immediately reflected in the index of 30 blue chip stocks.More here.
Dow Jones & Co., the media company which manages the flagship index, said around 2 p.m — just two hours before the New York Stock Exchange was to close — it was discovered computers were not properly calculating trades. The company blamed the problem on the record volume at the NYSE, and switched to a backup computer.
The result was a massive swoon in the index that happened in the seconds it took Dow Jones to switch to its secondary computers.
posted by Fergie @ 2/27/2007 04:39:00 PM
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