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Re-activateWhat it means: Human error that causes market havoc. A precipitous, 1,000-point tumble in the Dow Jones Industrial Average, translating to the elimination of nearly $1 trillion of market value in about 20 minutes during yesterday's trading day, has been blamed in part on a yet-to-be-identified fat-finger mistake.
The market quickly bounced back, but the Dow Jones Industrial Average still closed down some 348 points, to 10,520.32.
Early reports suggest that a Citigroup trader inadvertently typed a "b" for "billions" on a sell order for Procter and Gamble, when he or she should have typed an "m" for "millions." The Securities and Exchange Commission and the Commodity Futures Trading Commission have launched an investigation.
This isn't the first time a fat-finger move has caused agita for stock traders. And it might serve as a warning to anyone using a mobile device with its tiny keys to transfer bank funds or do any other sensitive financial transactions.
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