A computer error has been blamed for the world markets going into a tail spin yesterday.
While pundets were talking about market jitters because of the Greek revolt and the prospect of a UK hung parliament, it was actually a flaw in the software which forced commodity prices, currencies and stock exchanges into cliff-like drops.
Then there was a rebound as dealers realised that it was all pretty silly and they needed to get a life.
Apparently the whole thing was caused by an erroneous computer input.
A trader had erroneously input a sale of Procter & Gamble stock in billions of dollars rather than millions.
The Dow plummeted almost 1,000 points in a dramatic 15-minute period mid-afternoon, before recovering three-quarters of the loss by the end of the trading day, to close a mere 347 points down to 10,520.
Apparently all the software is linked and predictive so that traders do not miss something important. In this case an error was picked up by everyone’s computers which went into a panic.
Basically these coke fueled traders need to be a bit calmer, chill out a bit, take a breath or two before touching the PC, the Calgary Herald doesn’t say.