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The New York Stock Exchange suspended trading 11:32 a.m ET Wednesday morning.
In a brief announcement, the exchange said it was experiencing a technical issue:

“We’re currently experiencing a technical issue that we’re working to resolve as quickly as possible. We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market re-open,” the NYSE said.

The Department of Homeland Security told CNN that there is “no sign of malicious activity” at the NYSE at this time, meaning no indication of a cyber attack.

The latest from the NYSE is that all symbols are not trading and all open orders are now canceled.

“Additional information will follow as soon as possible,” the NYSE’s website says.

According to CNBC, the halt started at 11:32 a.m. ET and was triggered by “technical issues.”

“We’re currently experiencing a technical issue that we’re working to resolve as soon as possible,” the NYSE said, according to CNBC.

“So far this is the worst I’ve seen since the NASDAQ blackout,” said Eric Hunsader, CEO of market research firm Nanex.

Hunsader added that what we’re seeing is likely a gateway issue, as some routs are simply not working. It’s possible that this was caused by a system upgrade or some other kind of software update.

Hunsader tweeted the following image, showing that trades from the NYSE dropped, sputtered, and then eventually stopped.


The NYSE first started showing signs of strain at 10:32 this morning, but said the technical issue had been resolved. Then, once it started failing an hour later, it flailed in and out of connectivity before going out entirely.

Its also being reported that more than 500 China-listed firms announced trading halts on the Shanghai and Shenzhen exchanges on Wednesday, taking total suspensions to about 1,300 – 45 percent of the market or roughly $2.4 trillion worth of stock – as companies scuttled to sit out the carnage. Companies scrambled to escape the rout by having their shares suspended and indexes plunged after the securities regulator warned of “panic sentiment” gripping investors.

Beijing, which has struggled for more than a week to bend the market to its will, unveiled yet another battery of measures to arrest the sell-off, and the People’s Bank of China said it would step up support to brokerages enlisted to prop up shares.

The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen closed down 6.8 percent, while the Shanghai Composite Index .SSEC dropped 5.9 percent.

With nearly half the market on a trading halt and another round of margin calls forcing leveraged investors to dump whatever shares could find a buyer, blue chips that had been supported by stabilization funds earlier in the week bore the brunt.

“I’ve never seen this kind of slump before. I don’t think anyone has. Liquidity is totally depleted,” said Du Changchun, an analyst at Northeast Securities.

The Wall Street Journal’s website is also not working. It stopped functioning around the same time that the NYSE went down.

Earlier in the day Wednesday, certain NYSE stock symbols halted trading due to a technology glitch, but that seemed to have cleared. The exchange says there is more information to come.

“They’ve been having problems all day. They seemed to have rectified it earlier and then it happened again. Now they shut it all down,” said Joe Saluzzi, co-head of trading at Themis Trading and author of Broken Markets.

U.S. markets were already down Wednesday. The Dow was down 175 points (about 1%) around the time of the halt. The losses have deepened.
The uncertainty comes as investors were already concerned about a huge sell-off in Chinese stocks and the ongoing crisis in Greece.

Stay tuned to BW for more on this developing story!


About Black Westchester (975 Articles)
Black Westchester - News With The Black Point Of View is an online news magazine for people of color for Westchester and the Tri- State area of New York at every economic level. Our mission is to promote the concept of “community” through media.
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