UPDATE 3: NYSE is now open for trading after 3 hours and 38 minutes.
The New York Stock Exchange (NYSE) has temporarily suspended trading on all stocks listed on the exchange. The halt follows a previously reported technical problem, which the NYSE said was fixed on its status page earlier this morning.
Abacab Fund Sees Mispricing In Options As Black-Scholes Has Become “Inadequate”
Abacab Asset Management's flagship investment fund, the Abacab Fund, had a "very strong" 2020, returning 25.9% net, that's according to a copy of the firm's year-end letter to investors, which ValueWalk has been able to review. Commenting on the investment environment last year, the fund manager noted that, due to the accelerated adoption of many Read More
People who are on the NYSE trading floor are reporting chaos:
From source on the NYSE floor “It’s chaos. No one seems to know the root of the cause which seems to me is making everything worse”
— Leslie Picker (@LesliePicker) July 8, 2015
Details on the NYSE’s trading suspension
Shortly after halting trading, a spokesperson for the NYSE issued this statement:
“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.”
Intercontinental Exchange runs the NYSE and 10 other stock exchanges. The NYSE will cancel all open orders on all the symbols on which trading was temporarily suspended because of the technical problems. Intercontinental Exchange said on its status page that the NYSE ARCA and NYSE AMEX/ ARCA options are not being affected by the issue and are still operating as usual.
Cyber-stocks on the move
The NYSE is the only exchange on which trading has been halted at this time, which means the tech-heavy NASDAQ is still open for business. We’re starting to see cyber-security stocks like Cyberark Software climb. Imperva also started to edge upward, as did AVG, FireEye, and Palo Alto Networks.
The issues at the NYSE appear to be much broader than initially thought, which is probably why cyber-security stocks are rallying. Earlier this morning, United Airlines’ system went down, and all of the airline’s flights were grounded. Around the same time the NYSE went down, The Wall Street Journal’s website went down as well.
With such widespread technical glitches, it appears as if hackers may be to blame, although none of the affected companies have released a statement suggesting this. CNBC is also reporting that government officials don’t think there is any connection between all these outages.