The Securities and Exchange Commission and the Commodity Futures Trading Commission issued a joint statement late Thursday concerning what they call the "unusual trading activity" that left Wall Street wondering "what just happened?" Thursday afternoon.

“The SEC and CFTC are working closely with the other financial regulators, as well as the exchanges, to review the unusual trading activity that took place briefly this afternoon. We are also working with the exchanges to take appropriate steps to protect investors pursuant to market rules," the SEC and CFTC stated.

“We will make public the findings of our review along with recommendations for appropriate action.”

CNBC quickly blamed the Crash of 2:45 on a fat finger, claiming that a Citigroup trader accidentally typed 'billion' when he/she meant 'million.' 

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