Computer Glitch Hammers Dow Jones
February 28, 2007 4:54 PM
A computer glitch caused Dow Jones to drop around 200 points almost instantly
A sudden drop by the Dow industrials near the final hour of yesterday's trading day was
caused by a computer glitch by the Dow Jones Industrial Average (DJIA) data system
, which temporarily shocked financial analysts. The problem with the computers began at around 1:50 PM yesterday during a heavy selling event that caused a near 70-minute time lag in which the value of the DJIA wasn't calculated properly. The Dow Jones & Co. switched to a backup computer almost an hour later due to the record volume of trades that were happening.
"The market's extraordinary trading volume caused a delay in the Dow Jones data systems,"
said Sybille Reitz, Dow Jones spokeswoman
The Dow Jones Industrials was driven down more than 400 points yesterday, the biggest losses the market has seen since the Sept. 11, 2001 terrorist attacks. The glitch that caused the near-instant drop of 200 points almost caused a high level of panic, which analysts believe pushed the day price down even further.
The closing price of Tuesday's exchanges was correct, according to Dow Jones & Co. Dow Jones Indexes is now currently investigating the computer issues to try and correct the source of the problem as soon as possible.
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