Wave of sell orders on NYSE unleashes stock-market chaos
Dozens of large-cap stocks saw their prices swing wildly at the open of trading Tuesday, sending companies including Wells Fargo & Co. and Morgan Stanley to brief but sharp plunges from which they mostly quickly recovered.
After closing Monday at US$45.03, Wells Fargo fell as low as US$38.10 before bouncing back, while Morgan Stanley plunged to US$84.93 after ending at US$97.13 on Monday.
Exchange officials didn’t immediately respond to phone calls and emails. The price action bears hallmarks of past episodes in which computer malfunctions led to sudden price distortions.
“It’s a little concerning,” Oanda senior market analyst Ed Moya said by phone. “These are not your typical meme stock, easily manipulated companies, these are Morgan Stanley, Verizon, AT&T, these are some of the giants.”