Horror and chaos in Wall Street

A computerized error has caused a historic rollercoaster ride in Wall Street, plunging the markets into a loss of almost 10 percent in values in less than an hour, before recovering most of it before the end of the session.

The shockwave, which chilled the investors, even hit the most stable stocks such as Procter & Gamble, the Associated Press reported.

Although the markets recovered about two-third of the loss rapidly in an hour, the loss is still the biggest since February 2009.

Meanwhile the exact cause of the turmoil is still unknown and no one has taken responsibility. However, some reports suggest that the fall was caused by a trader who mistyped an order and instead of entering the numbers in million mistyped them in billion.

Shortly after the markets closed, Nasdaq and NYSE issued statements saying they were canceling the trades carried out during the one-hour disturbance.

The shock came as the markets were already concerned about Greece's debt crisis.

It's been months since Europe's murky economy outlook has caused anxiety in the global markets and fears have intensified during the past weeks over Greece's financial troubles.

Source: PressTV.
Link: http://www.presstv.ir/detail.aspx?id=125698§ionid=3510213.