May 06, 2010 Stock Market Crash News Update

May 07, 2010: Following up on yesterday's post about the 1000 point drop in the stock market, initially, reports claimed that the crash was due to the economic hardship in Greece.  However, rumors that Citigroup made a faulty trade, accidentally typing 1 billion instead of 1 million, escalated late yesterday afternoon.   Today's reports are saying that Citigroup is denying the error.  Citigroup's bank spokesman, Steven Cohen, made a statement that "At this point, we have no evidence that Citi was involved in any erroneous transaction."  The market was already down 200 points for the day when the crash occurred and New York Stock Exchange experts claim that it was headed for a crash.  The Dow dropped 631 points over the course of the 3 days due to the concerns about Greece's debt repayment. 

More information can be found at Citigroup Trading Error Cause Market to Crash? Citgroup says No.