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Pick a news site this afternoon and you’ll find plenty of analysis, speculation or theory over what happened on Wall Street today to cause the Dow to plunge before heading back toward a recovery.
But to illustrate how dramatic the plunge was, look no further than Accenture.
Accenture opened at $41.78 and then climbed a bit before flattening out for most of the day. Then, right around 2:45 p.m., with the stock trading at around $40, it plummeted - down to 1 cent. Yes, a penny.
And then, two minutes later, it bounced right back up to that $40 level. (Anyone happen to buy in those two minutes?)
So, what happened? Like I said, theories galore, including human error involving a trader who typed a “b” for billion, instead of an “m” for million. There’s also talk that it was a computer glitch.
By the way, Accenture was down slightly - 2.56 percent, to be exact - for the day. It closed at $41.09
