The Associated Press proved today just how much Twitter can move the markets.
The media company’s account falsely sent out a tweet saying that two explosions went off at the White House and that President Obama was injured. Not soon after — but also not before thousands of retweets — the AP announced that its account was hacked and that such information was not true.
Since then, the account has been suspended and the White House has confirmed both that the rumor is false and that the President is okay.
Despite the fact that the tweet was debunked within minutes, investors managed to get a whiff of the news and a massive sell-off resulted. Stocks had been climbing prior to the tweet, but then lost all their gains .
Of course, stocks also regained just about all their AP-tweet-related losses in a matter of minutes as well. The S&P 500 and Dow Jones Industrial Average have each climbed nearly 1% despite the disruption.