The New York Stock Exchange (NYSE) has disclosed the reason behind a dramatic drop in companies’ share prices this week – revealing that the ‘root cause’ was a ‘manual error’ made by a person.
Aired by the exchange on Wednesday, the revelation comes after trading for dozens of stocks were halted Tuesday at the start of trading, following what several had assumed was a technical issue.
The complication caused 87 stocks – including those belonging to famed blue-chip firms such as Morgan Stanley, Wells Fargo, and Exxon Mobil – suddenly fall and rise at the opening bell before the problem was resolved.
The issue led to chaos in the NYSE, as traders alarmed at the sudden drops – and, in some cases, surges – questioned what could be causing the ‘flash crash’ that punctuated the market’s open, as several typically reliable stocks fell in value.
The New York Stock Exchange (NYSE) has disclosed a reason behind a dramatic drop in companies’ share prices Tuesday that sent traders…
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