SEC Says It Will Probe Market Swings

WASHINGTON (CN) - The SEC issued a statement after the Dow-Jones Industrial Average sank nearly 1,000 points Thursday, before climbing back 600 points. The New York Times attributed some of the dive to unexplained "trader error," which sent the putative price of Accenture, a consultant, down from $40 to a penny, and also affected Procter & Gamble and 3M.

The SEC issued this statement: "The SEC and CFTC are working closely with the other financial regulators, as well as the exchanges, to review the unusual trading activity that took place briefly this afternoon. We are also working with the exchanges to take appropriate steps to protect investors pursuant to market rules.

"We will make public the findings of our review along with recommendations for appropriate action."

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