Officials are looking into what caused the Nasdaq to come to a standstill for three hours yesterday, the latest in a growing list of snafus to hit financial markets.
The stock exchange sent out an alert shortly after noon, saying it was stopping trading because of problems with its system for disseminating prices. Trading resumed at 3:25 p.m. and ended for the day shortly afterward with the index up 38 points, or 1 percent, at 3,638.71 — "an orderly market, given the circumstances," a State Street spokeswoman said.
Still, Brett Ginter, managing director of financial services at Burlington-based Collaborative Consulting, called the outage a "big red flag for the exchanges."
"Trading more and more is being done by machines. It's a necessary evil," Ginter said. "Hundreds of orders are being pushed through the exchange in microseconds ... For the Nasdaq to go down for three hours is inexcusable."
Nasdaq said that it planned to investigate.
The last two weeks of August are slow for trading, so the outage was "almost certainly" not volume-related, said Max Wolff, chief economist and strategist for ZT Wealth in New York.
"None of these things are good for rebuilding the public's appetite for or confidence in equities," he said.
Last year, BATS Global Markets tried to go public on its own exchange, but had to back out after a computer error sent the stock price plunging. Facebook's public offering last spring also was error-riddled, as technical problems kept many investors from knowing if their trades had gone through. And in April, the Chicago Board Options Exchange shut down for a morning because of a software problem.
Herald wire services contributed to this report.
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