Stocks and other securities go up and down in price all day long. If you happen to order yours at the close of the market (at the end of business hours), you have an at-the-close order, and you'll generally be paying the closing price for the day (this can be bad news or good news, depending on what the closing price was).
It may be easier to think of it in terms of fast food: If Big Mac prices changed every minute, and you ordered one at the close (midnight at your local McDonalds), the burger flippers' clerk would scream your name at 11:59PM. Whatever the price for Big Macs was at that moment would be the price you'd be charged.
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Finance: What is Good 'Til Canceled (GTC...2 Views
Finance a la shmoop what is good til' cancelled or GTC? well it's a way in
which securities buy and sell orders are placed like i'll buy 10,000 shares of
coke at $42 a share and this order is GTC ie it's good or effective or living [Man holding stocks of coca cola]
until I tell you otherwise or cancel it got it could this order sit on the books
of a brokerage at Goldman or Morgan or Fidelity or another broker for 8 months
before executing sure sure it could if it isn't cancelled then it's effective
and it sits around waiting for that shoulder tap to finally get on the stock [Person taps on a mans shoulder]
conveyor belt and get on getting on being sold and that's it good til'
cancel just think Futurama it was good real good until it was cancelled and now [Man watching futurama]
it exists only in the pasturama...
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