NEW YORK (
) -- A sharp swing to the downside caused shares of
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
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,
says. The trade has since been canceled, authorities told
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.