| Dozens of large-cap stocks saw their prices swing wildly at the open of trading Tuesday, sending companies including Wells Fargo and Morgan Stanley to brief but sharp plunges from which they mostly quickly recovered.
Episodes in which computer glitches lead to erratic pricing are rare on American exchanges but not unheard of.Exchange officials didn’t immediately respond to phone calls and emails. The price action bears hallmarks of past episodes in which computer malfunctions led to sudden price distortions. The event sent Knight spiralling toward insolvency before it was bought out by a coalition of trading firms. Last year, Citigroup’s London trading desk was behind a flash crash that sent shares across Europe tumbling, while in Canada a software-issue caused a 40-minute outage across three stock exchanges.
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