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Fake Tweet and Intraday Data

A fake tweet from the hacked Twitter account of Associated Press caused a sharp drop in US markets in afternoon trading (on 23 April 2013). (BBC Business News – Fake terror tweet hits US markets)

You can see the effect on the market using Bloomberg Professional to chart intra day data for an index (S&P 500 below) or individual share.

Bloomberg Line Chart S&P 500 for 23 April 2013 (UK times) - (click to expand)

Bloomberg Line Chart S&P 500 for 23 April 2013 (UK times) – (click to expand)

Bloomberg News also has a report “Associated Press Twitter Account Hacked in Market Moving Attack” (Bloomberg News April 24 05:01).

We should probably not consider it surprising that social media has the power to influence markets, nor that there is a tendency for traders to react first and they check the authenticity of information.

Bloomberg Professional has a function TWTR (Twitter Filter Builder) that allows users to build a twitter filter according to how they want to monitor the market – including seeing what is trending on Bloomberg Social Velocity (BSV).

Search for “Twitter” on Bloomberg DOCS and one document offered is “Chapter 3: Lessons Learned from Social Media” (Halloran and Thies, 2012).

References

Halloran, M. and Thies, C. (2012) “Chapter 3: Lessons Learned from Social Media” from The Social Media Handbook for Financial Advisors: How to Use LinkedIn, Facebook, and Twitter to Build and Grow Your Business.  Available at: Bloomberg Professional Service [online subscription service] (Accessed 24 April 2013).

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  1. markgreenwood
    4 June 2013 at 9:46 am

    Bloomberg News April 3 2013 {NSN MKOQRL6KLVSL } – This week the SEC granted permission for US companies to communicate company announcements via social media. SEC announcement http://www.sec.gov/news/press/2013/2013-51.htm

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