At one time, this glitch would have been a major disruption for the markets and the economy, but now there are many stock exchanges in the United States and overseas. “We know less about The Wall Street Journal at this point, except that their system is back up again, as is the United Airline system”.
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After all trading was suspended on the New York Stock exchange Wednesday, USA stocks dipped below 1 percent and stayed there for the remainder of the afternoon.
The Dow is down 214.69 points, or 1.2 percent.
Trading resumed at 2:10 p.m. CDT Wednesday.
Officials and the exchange have said that there is no indication that the problem is the result of a cyber-attack.
Earlier today, United Airlines had to ground all flights because of the massive computer system problem.
“This is basically the good thing about electronic trading quite frankly – the customer doesn’t have to rely on any one venue”, says Ted Weisberg, president of Seaport Securities, who has been working at the NYSE for several decades.
Trading finally resumed at 1:10pm MT. It’s been a rough day for stocks.
Other exchanges compete for the orders made to buy and sell stocks.
As exchanges struggle to catch up with technological advances, investors will need to get used to these types of technological malfunctions, experts say.
The Department of Homeland Security said it was investigating both incidents but so far had found no sign of malicious activity. “You have so many competing exchanges”.
Investors are understandably rattled by the shutdown in the New York Stock Exchange. “The fear that there won’t be a bailout for Greece combined with what’s going on in China”. Hong Kong’s Hang Seng rebounded 4.1 percent to 24,492.45 a day after suffering its biggest drop since the financial crisis.
The Dow Jones industrial average lost 261 points to finish at 17,515. Just two years ago the Nasdaq Stock Market was forced to halt its operations for 3 hours after a price feed broke.
NEW YORK (AP) – It was already a tough day in the market when the unexpected hit.
The S&P 500 index is down 12.21 points, or 0.6 percent.
The Nasdaq was down 87 points, or 1.8 percent, to end at 4,909. Mostowfi lauded the NYSE’s decision to shut trading down when they realized they had a technical problem. Regulators later blamed the May 2010 plunge on a computerized selling program. The NYSE accounted for less than a quarter of USA stock trading in the past month, according to data from BATS Global Markets, one of its rivals.
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Two months later, a highly anticipated IPO of Facebook on the Nasdaq exchange was marred by a series of technical problems, rattling investors unsure if their orders to trade went through.
