S&P Index Flub Prompted Mystery Swings in Morgan Stanley, PNC
- Banks among firms included in error in preliminary index data
- S&P corrected mistake amid annual index update exercise
This article is for subscribers only.
Shares of some of the biggest US banks went on an unusual ride in recent days after a rare S&P Global blunder.
Morgan Stanley, PNC Financial Services Group Inc. and Northern Trust Corp. saw big price and volume swings after the financial data and index provider released mistaken preliminary information about constituents of an index on Friday.