Stocks didn't trade on the NYSE for most of the day on Wednesday, shutting down on a technical problem at 11:32 am, and not re-opening until after three in the afternoon. Bobbi Rebell reports.
Not the kind of time out anyone wants. The NYSE suspended trading at 11:32 am on Wednesday, blaming internal technical problems. Trading there resumed nearly four hours later at 3:10 pm, leaving traders to spend their day cooling their heels. Reuters' Markets Editor David Gaffen: SOUNDBITE: DAVID GAFFEN, REUTERS MARKETS EDITOR (ENGLISH) SAYING: "It kind of shows the irrelevance of the floor itself. The floor traders, which are talked about as the big thing that you have when the electronic trading isn't working well, nothing was working at all, so those guys were just sitting around. There was no actual trading going on, and electronic markets elsewhere were working just fine." And that's why there was no panic during the break. Stocks were lower but largely because of turmoil in Greece and China. Plus, NYSE-listed stocks continued to trade on other platforms. PNC Investment Director Jim Dunigan: SOUNDBITE: JIM DUNIGAN, INVESTMENT DIRECTOR, PNC (ENGLISH) SAYING: "Today less than a quarter percent of the trading volume, so it does highlight, which we've seen in the past when we've looked at the flash crashes and the like, the affect of trading volume on those other exchanges eliminates the need, or the concern, around a central source of all that trading in an event like this, where one exchange may go down due to a technical glitch. So, that concern, and, I think, the market, in general, is probably better off for that. " The exchange tweeted that the shutdown was not the result of a cyber attack. The NYSE halt came shortly after United Airlines was forced to ground flights at all U.S. airports due to computer issues, though there was not believed to be any connection.