The fake AP tweet that caused stocks to plunge

Community Leader
Registered: 04-07-2008
The fake AP tweet that caused stocks to plunge
5
Wed, 04-24-2013 - 11:40am

Did anyone see the fake AP tweet about the White House being bombed that caused stocks to plunge temporarily? http://tv.msnbc.com/2013/04/24/dow-jones-drops-but-recovers-after-fake-ap-tweet/ I thought it was so interesting how it caused such a panic in the markets. And then I had to wonder how something like that happens in the first place. I would have thought they had some kind of measures in place to keep hackers from getting in and doing something like that. 

Karla
Community Leader
WALKING
EXERCISE and HEALTHY LIVING

Community Leader
Registered: 04-07-2008
Fri, 04-26-2013 - 8:13am

I have been wondering if they figured out how this happened. It really is scary when you sit and think about how that one tweet affected the world. 

Jean, I'd be interested in seeing that Jon Stewart segment. It doesn't surprise me at all. 

Karla
Community Leader
WALKING
EXERCISE and HEALTHY LIVING

Community Leader
Registered: 04-05-2002
Thu, 04-25-2013 - 7:42am

I wonder if they figured out how it happened.  The thing is news stations get the news wrong often, eg. CNN w/ the arrest of the bombing suspects, the NY Post printing the wrong people on its cover w/ no repercussions.  What if someone did want to mess w/ the stock market w/ false rumors? Would that be illegal? I don't know what the law is. It's all so messed up. Jon Stewart just did this segment about how Congress is allowed to trade on inside information, even if they're the ones creating the laws effecting the change.  






iVillage Member
Registered: 05-08-2006
Wed, 04-24-2013 - 9:26pm
Yes, the Internet has information and misinformation. A lot of the trading drop was computerized trading...computers interpreting the tweet, starting to sell, driving prices down, triggering more selling. When the machines run the world, you lose common sense, which is har to reduce to computer language.
iVillage Member
Registered: 11-14-2008
Wed, 04-24-2013 - 1:52pm

It is defintely crazy, but I have to admit, it made me stop and realize just how often I've found myself turning to the internet for updates on news. We don't have cable and the local stations are often so slow with current events that I tend to keep up with things online. It's certainly a good reminder that just because it's online doesn't always mean it's accurate.

iVillage Member
Registered: 09-30-2011
Wed, 04-24-2013 - 12:04pm

I read about this, totally crazy that this happened. I think it's a good reminder on how not all news is accurate on Twitter, although your gut reaction would be to trust AP.   Scary to think that someone was able to hack their system. 

Chelsea

"Minds are like parachutes. They only function when they are open."