Trading error may have been real source of sell-off: Report

One of the most manic days in the history of the world markets may have been the result of a typo, according to report that surfaced shortly after the markets closed today.
A report from CNBC suggested that a trader accidentally entered a “B” for billion instead of an “M” for million in a transaction that may have involved Proctor & Gamble — which is part of the Dow Jones Index.
The Dow dropped nearly 1,000 points in intra-day trading at one point, and ended up losing 347 points at the market’s close, for a more than 3% dip. Procter & Gamble Co. said it’s looking into electronic trading of its stock to determine whether it was made in error. Its shares sank as much as 37 percent and closed down 2.3 percent.
New York Stock Exchange spokesman Rich Adamonis said “there were a number of erroneous trades” during the plunge. The NYSE told CNBC that there were no system errors as speculation of erroneous trades swirled through the market. The Nasdaq OMX Group Inc. said it is working with other markets to review the trades during the plunge.
Citigroup Inc. said it found “no evidence” of erroneous trades after CNBC said the bank made the potentially bad transaction that triggered the slide. CNBC cited “multiple sources.”
CNBC’s Jim Cramer, at some point today on live television, suggested an error might have occurred in the trading of P&G stock.

Bloomberg and AP wire reports were used in this story