If today feels like a really long day, that’s because it is. There’s going to be a leap second this evening, making Tuesday 24 hours and one second long. The last time this happened, in 2012, a lot of computers took issue with time going all wonky and systems worldwide crashed as a result. This time around, the big businesses promise they’ve learned their lesson, and we should be able to look forward to business as normal.
Bank of America’s CEO Brian Moynihan posted an email to the company’s intranet telling the rank and file to keep their chins up amidst their sinking stock price and news that they would be sued by AIG for selling crap mortgages.
The plunges in the past week in the stock market are gut-wrenching but those who panic and sell off right now are going to be kicking themselves later, says legendary economist and former director of The Vanguard Group Burton Malkiel. The most you should do is rebalance your portfolio.
The AP says that a computerized selloff that may have been caused by a typo (the theory is that someone typed $16 billion when they meant $16 million) caused the biggest ever drop during a trading day. How could one typo result in such massive turmoil? The idea is that the erroneous trade triggered other computers to sell.