Dow Jones Slide Creates Sensation

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NEW YORK (GaeaTimes.com)- The stock market veterans at the New York stock market were in for a shock yesterday as the Dow Jones Industrial Average took a huge slump. It is considered as one of the main stock index of the USA. The Dow Jones Industrial Average plunged down by 1000 points within two hours, which is quite unexpected. The financial experts tried to find out why the plunge was so deep and took place within such a short span of time. The initial reports suggested that it was possibly caused by the ongoing financial problem in Greece. Later it was found out that the down-slide was caused by a stock market trader who was working with Citibank.

The stock market trader mistakenly entered B in place of M. It indicated billions of shares in lieu of millions of shares. He was possibly dealing with the stock of Procter and Gamble and 3M. These stocks are major parts of the Dow Jones stock market index. As a reaction, the shares of Procter & Gamble fell by 37 percent quickly and that of 3M were down by a margin of 25%.

The incident will be probed by the Securities and Exchange Commission as it has been reported. A number of stock market traders actually profited from the decline in Dow Jones stock market index. The retail investors used the opportunity. Vanguard Group Inc. which is a large provider of bond mutual funds and stocks in the USA turned the event into a big trading day. Tim Buckley, its MD said that they were not at all panicked. He however did not reveal the exact figure of trading on the day.