Citigroup Shares Survive Brief Halt - TheStreet

Citigroup Shares Survive Brief Halt

Citigroup shares were halted briefly on Tuesday afternoon after a sharp tick lower tripped a circuit breaker put in place after the flash crash in early May.
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NEW YORK (

TheStreet

) -- A sharp swing to the downside caused shares of

Citigroup

(C) - Get Report

to trip circuit breakers put in place in the wake of the "flash crash" in early May on Tuesday.

The single-stock circuit breaker was imposed on Citigroup shares after the stock plunged to $3.32 from roughly $3.80 at 1:03 p.m. EST, according to

Dow Jones

citing a

NYSE Euronext

(NYX)

spokesman. Trading was resumed at 1:09 p.m. EST.

Following the May 6 flash crash in which the

Dow Jones Industrial Average

plummeted more than 1,000 points in a matter of minutes, new circuit breakers were installed that require trading to halt by five minutes if any of the stocks in the S&P 500 rise or fall by more than 10% in the prior five minutes of trading, according to the

Wall Street Journal

.

Apparently a single trade was placed for 8,820 Citigroup shares at $3.3174, 12.7% lower than the previous trade of $3.80,

Dow Jones

says. The trade has since been canceled, authorities told

Dow Jones

.

Financial stocks dropped Tuesday after consumer confidence took a dive and fresh concerns about the global economic recovery sent investors heading for safety. The Dow Jones Industrial Average

sank nearly 300 points

and the S&P 500 fell through its 2010 low.

Citigroup shares were still settling but looked to be down about 7% for the day at $3.75. Volume has been relatively light for a stock that is consistently one of the top-traded stocks on the New York Stock Exchange. Volume was at 731 million for the session, below the issue's trailing three-month daily average of around 824 million.

--Written by Laurie Kulikowski in New York.