NYSE gets wave of sell orders, unleashing stock-market chaos

| Dozens of large-cap stocks saw their prices swing wildly at the open of trading Tuesday, sending companies including Wells Fargo and Morgan Stanley to brief but sharp plunges from which they mostly quickly recovered.

Episodes in which computer glitches lead to erratic pricing are rare on American exchanges but not unheard of.Exchange officials didn’t immediately respond to phone calls and emails. The price action bears hallmarks of past episodes in which computer malfunctions led to sudden price distortions. The event sent Knight spiralling toward insolvency before it was bought out by a coalition of trading firms. Last year, Citigroup’s London trading desk was behind a flash crash that sent shares across Europe tumbling, while in Canada a software-issue caused a 40-minute outage across three stock exchanges.

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Technology stocks are ‘having a revival’CommSec’s Tom Piotrowski says technology stocks are 'really having a revival” and are “almost leading sentiment' in the market. “We’ve got the Nasdaq up by 1.7 per cent, the S&P 500 up by about a per cent and the Dow up by 0.6 of a per cent,” Mr Piotrowski told Sky News Australia. “So some of the tech stocks are really having a revival, the big marquee names, in particular. “Netflix stands out, they had some very good earnings numbers last week, which has lifted sentiment, the stocks up by about five per cent today.” Presented by CommSec.
Source: SkyNewsAust - 🏆 7. / 78 Read more »