Bear Stearns Wrongly Enters in $4 Bln in Stock Sales, NYSE SaysLets see, the S&P500 falls three points, or 0.363 percent. 0.363 percent of 618 milion (622-4) is 2,243,340. Someone lost 2 and a quarter million and its not material? I wonder who it is material too?By Monique Wise
New York, Oct. 2 (Bloomberg) -- A Bear Stearns Cos. trader incorrectly entered $4 billion of orders to sell shares of U.S. companies, a New York Stock Exchange statement said.
The trades, which should have totaled $4 million, were entered at about 3:40 p.m., the exchange said. Of the trades, $622 million were executed, while the rest were cancelled, the exchange said.
Bear Stearns said the mishap will have ``no material impact on the firm,'' according to spokeswoman Elizabeth Ventura.
The trades were earlier reported by CNBC.
Between 3:40 p.m. and 3:44 p.m., New York time, the Standard & Poor's 500 Index fell 3 points to 826.5. The index closed at 827.91.
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