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Flash Crash’ Report: Waddell & Reed’s $4.1 Billion Trade Blamed For Market Plunge
Oct. 04, 2010 12:57PM PST
Precious MetalsOn Friday, federal regulators reported that a trading firm’s use of a computer sell order triggered the May 6 market plunge, which sent the Dow Jones industrial average careening nearly 1,000 points in less than a half-hour.
On Friday, federal regulators reported that a trading firm’s use of a computer sell order triggered the May 6 market plunge, which sent the Dow Jones industrial average careening nearly 1,000 points in less than a half-hour.
The press release is quoted as saying:
The firm’s trade, worth $4.1 billion, led to a chain of events that ended with market players swiftly pulling their money from the stock market, the report said.