Trading in the Nasdaq was halted after the computer system which controls all buying and selling crashed.
According to Forbes, “a technical issue” was blamed for the outage and resulted in the Nasdaq stock market halting all trading in shares listed on its exchange and it requested fellow exchanges to do the same.
The New York Stock Exchange did so while it continued normal trading in its own shares. Normally when a stock exchange has a technical problem orders can be routed through other exchanges. In this case that was not possible, and the Nasdaq still has not put a timeframe on when it expects to be up and running properly.
The outage brought the Nasdaq to a virtual standstill. Some trades in names listed on the exchange trickled in through alternative venues.
The older cocaine nose jobs of Wall Street say it reminds them of that terrible spring of 2012 when technical problems stuffed up the trade confirmations of Facebook and the open of trading was delayed significantly.
Two days ago Goldman Sachs stuffed up options prices due to a trading glitch that resulted in a series of erroneous trades.
Fortunately for the rest of the world, trading is lean at this time of year and many traders go from shouting at each other to shouting at their kids on the beach.