Naming the new Twitter-induced flash crash

“The Associated Press’s Twitter feed was hacked today, and the hacker tweeted a message saying the White House had been attacked,” Catherine Rampell reports for The New York Times. “Rest assured, there was no attack, but traders freaked out long enough about the hoax to make the Dow do this (see image below).”

Rampell reports, “So will this sharp plunge (and quick reversal) get a nifty nickname like the ‘flash crash’ did? I nominated ‘Tweet Retreat’ on Twitter, and got some of these other suggestions in response.”

flash crash

Read more in the full article here.

Steve Schaefer reports for Forbes, “The AP said it was hacked, and had its Twitter account suspended, after the false tweet claimed a pair of explosions had injured President Barack Obama.”

“The White House confirmed that the report was entirely fake.,” Schaefer reports. “The tweet did reinforce just how rapidly the market reacts to information though, with the Dow Jones industrial average briefly surrendering almost its entire triple-digit gain before snapping higher when it became clear the tweet was fake.”

Schaefer reports, “Apple shares climbed back over $400 ahead of Tuesday afternoon’s earnings, expected to fall nearly 15% from a year ago.”

Read more in the full article here.

[Thanks to MacDailyNews Readers “Fred Mertz” and “Ellis D.” for the heads up.]

20 Comments

    1. No, no, no! That would be a nightmare. Let Obama fail. Let his failed ideology fail spectacularly as it always does. It sets us up for Reagan II.

      It is interesting that it happens on Apple’s earnings day, isn’t it?

        1. Or just take a look at present day Western Europe. Even Denmark has finally realized the unsustainability of the welfare nanny state:

          http://www.nytimes.com/2013/04/21/world/europe/danes-rethink-a-welfare-state-ample-to-a-fault.html

          In the U.S., Obama is at least 20 years behind the times.

          Food stamp president: Enrollment up 70 percent under Obama

          Disability Trust Fund Ran Record $31.2B Deficit in 2012; In Deficit Every Year Under Obama

          If Obama’s goal is anything other than killing the U.S.A., then he’s a total failure.

          1. If u actually read the article it says nothing of the kind. I have been to Denmark..beautiful parks, infrastructure, NO homeless pp, everyone well dressed and happy…we should learn from them.

  1. Is my math wrong or did it drop 0.9% Kind of small potatoes. I actually think it’s interesting that the volume was SO HIGH, but the dip was tiny — lots of sellers and buyers.

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