While nobody knows if this is exactly it seems a trader accidentally enter a "B" for billion instead of "M" for million. The result was a massive panic which resulted in an 1000 point drop in the stock market yesterday. That's $16 million, NOT $16 billion: Possible trader goof may have sparked 1,000-point Dow swing
My question is why making a trade for a billion versus a million is only only designated by one letter of which is separated only by the letter "N"? This question also goes to one of my biggest pet peeves in pretty much all technical and business writing; abbreviations and acronyms. Unless it is a universal such as Mr. or USA, don't use it, especially if it's only pertains to a specific industry.