NYSE trading shuts down! Computer software glitch hits!!

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Have you all heard of this yet? Just turned on my TV and it's on every channel! There was a new software intro last night and it crashed half of the trading, so right now trading is at a halt until 11:15 eastern time!

-- Tess (webwoman@iamit.com), June 08, 2001

Answers

Sorry, forgot to add a little more.. They are saying on cnnfm, squawk box, and other channels how that this is a very rare occurance and how it has never happened before, etc.. Just wonder if they will have it up and running by 11:15 or not???

-- Tess (webwoman@iamit.com), June 08, 2001.

Also, just found out that chicago is now involved as well.. heard that on television..

Sorry, here is the link(s)

Warning sends techs lower; NYSE trading halted by computer glitch June 8, 2001: 10:29 a.m. ET NEW YORK (CNNfn) - The Nasdaq composite index, the center of trading attention due to an unusual New York Stock Exchange halt for systems problems, fell early Friday as investors unloaded computer networking stocks after Juniper Networks said profit in the current quarter would come in sharply below forecasts.

The NYSE halted trading until 11:15 a.m. ET because of the systems problem, which resulted in no trading for about half of the Big Board issues. NYSE trading halted System woes prompt exchange to halt trading for at least an hour June 8, 2001: 10:27 a.m. ET NEW YORK (CNNfn) - The New York Stock Exchange halted trading early Friday due to a computer glitch that caused many NYSE-listed stocks not to start trading when the exchange opened at 9:30 a.m. ET.

An exchange spokeswoman told CNNfn that about half the issues on the world's largest stock exchange were delayed or didn't open, and that trading was scheduled to restart at about 11:15 a.m. ET. There was no other information on what caused the problem, she said.

The latest figures showed a very light 63 million shares traded on the NYSE, with declining issues ahead of advancing ones 653 to 505. Trading on the Nasdaq market did not appear to be affected.

The Dow Jones industrial average also continued to fluctuate because two of the 30 issues, Intel (INTC: down $0.33 to $30.81, Research, Estimates) and Microsoft (MSFT: down $0.52 to $73.16, Research, Estimates) , are Nasdaq-listed issues http://cnnfn.cnn.com/2001/06/08/markets/markets_newyork/

-- Tess (webwoman@iamit.com), June 08, 2001.


Here's another version (via ABCnews.com, I saw it at 10:45 EST 6 June):

NEW YORK (Reuters) - The New York Stock Exchange, the world's largest equity market, on Friday halted trading in all of its stocks due to a system failure.

Trading was set to reopen at 11:15 a.m. EDT, a spokeswoman at the Exchange said.

Before the NYSE halted all of its trading, the technical problems were affecting an unknown number of stocks. Trading had never opened in 10 of the 30 stocks that make up the Dow Jones Industrial Average, a bellwether for the U.S. market.

"There are some problems down there in a couple of the posts," said Michael Lyons, a trader at Morgan Stanley. "That has held up opening some of the stocks in the area."

Trading in other stocks had opened before the halt was called.

A representative at the NYSE was not immediately available to comment on the exact time when trading was halted but more than 63 million shares had changed hands.

[By "posts," I assume the Morgan Stanley trader was repeating rumors of problems seen at the clustered trading positions on the stock exchange floor...does that make any sense? --Andre]

-- Andre Weltman (aweltman@state.pa.us), June 08, 2001.


It's Y2K I tell ya!

NOT

-- Buddy (buddydc@go.com), June 08, 2001.


Hey Buddy,

Who said it was Y2K?

-- Martin Thompson (mthom1927@aol.com), June 08, 2001.



Umm, I meant 8 June. Obviously. (I mentally jumped from U.S. to European date format (dd-mm versus mm-dd) and grabbed the wrong number.)

Well. We shouldn't assume this is Y2K, per se, rather (if it is true that a software upgrade was the cause) this is another reminder of the risks of new software being introduced on the fly.

I am sure this will be discussed in various places over the next few days, including the excellent resource "Computer Risks." Check it occasionally at:

http://catless.ncl.ac.uk/Risks .

-- Andre Weltman (aweltman@state.pa.us), June 08, 2001.


I did.

-- Buddy (buddydc@go.com), June 08, 2001.

NYSE Halts Trading; Nasdaq Continues

By Lisa Singhania AP Business Writer Friday, June 8, 2001; 10:41 a.m. EDT

NEW YORK Trading came to a stop Friday morning on the New York Stock Exchange because of severe computer problems.

Trading on other U.S. markets, including the Nasdaq Stock Market, continued. An earning warning from Juniper Networks pulled the market lower as investors retreated from the technology sector on fears about future growth.

The Dow Jones industrial average was off 37.35 at 11,053.99, and continued to fluctuate, reflecting movement by the Nasdaq-traded Intel and Microsoft as well the NYSE-listed stocks are also traded on other exchanges.

NYSE officials said they hoped to resume trading by 11:15 a.m. EST.

Broader stock indicators also suffered on weakness in Nasdaq. The technology-focused Nasdaq composite index dropped 39.21 to 2,224.79 while the Standard & Poor's 500 index slipped 7.15 to 1,269.81.

Weakness in technology accounted for much of the market's early decline in limited trading.

Juniper Networks fell $6.82 to $39.70 on news it was lowering its forecast for second-quarter results and cutting 8 to 9 percent of its work force because of sluggish demand for its networking products

Intel, which said late Thursday that it expects to meet earnings forecasts, fell 39 cents to $30.77.

The market advance this week has been choppy a contrast with the huge rally stocks enjoyed in April and early May.

Analysts attribute the action to an expected pullback from the rally as well as investors' unwillingness to make big commitments with second-quarter results approaching.

Indeed, much of Wall Street's recent focus has been on earnings outlooks. The market has rewarded companies that promise to meet previous forecasts or that suggest the worst is over. Investors have been less forgiving of companies that have reduced profit expectations or been less bullish about future growth.

The Russell 2000 index was off 1.48 at 513.29.

Overseas, Japan's Nikkei stock average gained 1.2 percent. In afternoon trading, Germany's DAX index was up 0.7 percent, Britain's FT-SE 100 rose 0.1 percent, and France's CAC-40 was up 0.9 percent

http://www.washingtonpost.com/wp- srv/aponline/20010608/aponline104112_000.htm

-- Martin Thompson (mthom1927@aol.com), June 08, 2001.


11:15 came and passed. now 11:23 and nothing.. books are dark!

-- Tess (webwoman@iamit.com), June 08, 2001.

The TV talking heads are going berserk.

-- Martin Thompson (mthom1927@aol.com), June 08, 2001.


Martin, they sure are!(talking heads) They're now earning their pay! They just said it would be another 5 minutes! (((THey think))) This is unbelievable! Only other time there was a computer glitch was in 1985...

-- Tess (webwoman@iamit.com), June 08, 2001.

Found this at www.BigCharts.com :

11:41AM

Big Board begins trading again by Tomi Kilgore

Trading on the NYSE has resumed after being halted for about one hour and twenty minutes, due to technical difficulties (see 10:22 item). Meanwhile, a number of Dow stocks have yet to begin trading again due to order imbalances. Since the intraday bell rang, losses on the Dow Industrials has increased (see 10:32 and 10:52 items). It is now off 57 points at 11,034. Of its 28 components that are traded on the Big Board -- Microsoft (INTC) and Intel (INTC) are traded on the Nasdaq -- five are currently seeing gains, versus 22 that are seeing losses and one being unchanged. Prior to the halt being lifted, 7 stocks were up, 20 were down, and 1 was unchanged.

-- Andre Weltman (aweltman@state.pa.us), June 08, 2001.


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