NYSE Resumes After Temporary Glitch

The NYSE came to a screeching halt for nearly four hours on Wednesday due to a glitch.  The outage renewed concern from many about the fragility of the financial market being so reliant on technology.

Although it was the longest suspension of trading at the exchange in recent memory, stocks listed on the NYSE were able to continue on other stock exchanges like Nasdaq. The industry will be under more scrutiny now even though the NYSE accounts for less of the overall trading than it used to, and investors were still able to buy and sell orders other platform.

The shutdown came only hours after United Airlines temporarily grounded all flights due to a technical issue also. They both insisted the issues were internal and not because of hackers. Federal regulators and law enforcement agencies closely monitored the situation and did not see any malicious activity.

The problems began just after the starting bell at 9:30am, but restarted in time for the normal 4pm closing. The closing auction is the most important part of the day, as traders make many of their decisions on final prices in the last minutes.

“There was this moment of: Are we not going to be able to trade today?” said Ben Polidore, head of algorithmic trading at brokerage ITG. “Luckily, we have 11 other exchanges to deal with.”

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