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CNBC ihas reported that a Citigroup trading error was the trigger that fueled sharp stock market plunge today. The Dow Jones Industrials fell by nearly 10 percent, before rebounding sharply. According to 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 jones average index. Citigroup told CNBC that they have no evidence one of their employees executed a questionable trade.
The selling was fuelled by the huge drop in Dow component Procter & Gamble due to a technical glitches which caused it to plunge 37% in minutes.
P&G's sharp plunge was responsible for 172 of the 997.21 points that the Dow Jones industrial average (INDU) was down at the nadir, the biggest one-day point decline on an intraday basis in Dow Jones history. he Dow Jones lost 348 points, or 3.2%, to 10,520.32. The Dow's biggest one-day point plunge on a closing basis was Sept. 29, 2008, when it fell 777.68.
All 30 Dow jones components slid, with oil components Chevron and Exxon Mobil, financial leader JPMorgan Chase & tech names Hewlett-Packard, IBM among the big losers. 3M, Boeing and United Technologies added to the weakness of Dow Jones Index
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