Apple's stock, which has been rising dramatically in recent weeks, took a major nosedive briefly this morning thanks to a single trade. The trade, which appears to have been some sort of mistake, caused a drop of 50 points and triggered an automatic halt to the trade of Apple's stock.
Right around 11 AM Eastern time 100 shares of Apple's stock were traded at $542.80. Just moments earlier the stock had been trading at $598.26. The trade dropped Apple's stock price by over $50, roughly 9% of the stock's value. Analyst Joe Terranova told CNBC that "[i]t looks like a fat finger mistake." It could also, however, have been a flaw in the BATS Exchange, which had been reporting "issues trading in symboles range A through BF" just minutes earlier.
Apple's stock resumed trading within half an hour of the dip, and was quickly back at its previous levels. The current stock price is $596.05, with a market cap of $555.74 billion.
Apple's stock prices have been in the news a lot lately, as it has hit several major milestones. At the end of February Apple reached a remarkable $500 billion in market value, making it the world's most valuable company by nearly $100 billion. Last week Apple's stock price hit a new record of $552 per share. The upward trend continued the following day as the price hit $582 per share. The day before the release of the new iPad, Apple's stock price briefly flirted with $600 per share, and has remained there ever since.