Twitter can now be used to predict Stock Market Movements !

Twitter as stock market predictor

Researchers at a US university found they were able to predict the rise and fall of the Dow Jones Industrial Average with near 90 percent accuracy several days in advance by analyzing messages on Twitter.

The researchers at Indiana University-Bloomington’s School of Informatics and Computing analyzed more than 9.8 million “tweets” from 2.7 million users of the micro-blogging service during 10 months in 2008. Read the rest on Economic Times

Facebook and Twitter used in stock market fraud worth US$ 7 Million

Facebook and Twitter social networking sites were used to tout stocks in a classic “pump and dump” fraud of about US$7 million in th US , a new investigation has revealed.

A statement by the Manhattan U.S. Attorney’s office said 11 out of 22 people charged used more than 15 web sites, Facebook pages, and Twitter “feeds” to “defraud the investing public into purchasing stocks that were being manipulated by participants in the conspiracy.”

Read the rest on Toronto Sun

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