Could the stock sell off on Thursday have been caused by a willful act?
I noticed more than one big named stock dipped quite a bit. Do you think it's possible someone was trying to put massive downward pressure on the market so a few big name stocks (AAPL, GOOG, or less expensive ones) were more affordable to buy up?
- SteveLv 710 years agoFavorite Answer
According to the newspaper it was an unintended error. Someone entered an order to sell of 5 billion shares of some company (I think Proctor and Gamble) and they intended to sell only 5 million shares. What ever happened caused mass panic but it did not last long. The market soon bounced back when they discovered the error. Problem is that many traders use computer programs to initiate trades. So if some stock hits some price level an automatic sell is entered.