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Traders work on the floor of the New York Stock Exchange in New York City.
The Associated Press’ Twitter account was hacked today and the perpetrator sent out a fake tweet saying that President Obama was injured in an explosion at the White House. Minutes later, the AP, using another Twitter account, announced that the tweet was fake. White House spokesman Jay Carney went on air to confirm that the president had not been harmed.
But enough people had read the hacked tweet to cause the Dow Jones Industrial Average and the S&P 500 to both plummet. Both exchanges quickly rebounded soon after. The AP’s main Twitter feed has some 2 million users. Are traders relying too heavily on social media platforms like Facebook and Twitter for information?
Mackenzie Weinger, Media Reporter for POLITICO
Mike Isaac, Senior Editor at All Things D - an online publication that specializes in technology and startup news