Guy Looks Up At Scoreboard And Surmises The Final Score Is Homo Sapiens 1, Computers 0

Author:
Updated:
Original:

Suck it, technology!

A false report of explosions at the White House that wiped out $136 billion from the Standard & Poor’s 500 Index in about two minutes highlighted the risks of the computerized trading that dominates the $18 trillion market. [...] “Trades should not be busted,” Rick Fier, director of equity trading at Conifer Securities LLC in New York, said in a interview. His firm oversees $8 billion in assets. “No human believed the story. Only the computers react to something that serious disseminated in such a way. I bought some stock well and did not sell into it. Humans win.”

Fake Report Erasing $136 Billion Shows Market’s Fragility [Bloomberg]

Related