NYSE glitch sparks volatility in dozens of stocks
At least 60 stocks listed on the NYSE were halted due to volatility and some stocks showed unusual outsized movements.
A glitch at the triggered massive swings in the shares of and , and in dozens of other companies on Monday, before the bourse fixed the problem.NYSE, owned by , by late morning said on its website it had resolved a reported technical issue and that the impacted had resumed trading.
At least 60 stocks listed on the NYSE were halted due to and some stocks showed unusual outsized movements.
Berkshire Hathaway and Barrick Gold shares were shown to be down 99.97% and 98.54%, respectively, due to the technical issue, before those trades were corrected.
NYSE said the problem was related to meant to prevent extraordinary market volatility and extreme price movements in individual stock by preventing trades outside of specific price ranges that are updated throughout the trading day.
The price band for each security is set at a percentage level above and below its average price in the preceding five-minutes.
The bands were developed as part of the response by financial regulators and exchanges to the "" of 2010, which wiped out nearly $1 trillion in in a few minutes.
Technical issues on exchanges can hit markets, impact and attract scrutiny from regulators.
"I don't think the overall market is reacting," said Art Hogan, chief market strategist at .
The NYSE did not immediately respond to a request for comment.
Source: Stocks-Markets-Economic Times
