Nasdaq market paralysed by 3-hour shutdown
NEW YORK (REUTERS) - Trading in a large part of the United States (US) stock market came to a halt for much of Thursday after an unexplained issue shut down trading of Nasdaq-listed securities, the latest black eye for the US securities trading business.
The abrupt halt shortly after noon caused trading in shares of Apple, Google, Microsoft and more than 3,000 other US companies to stop.
Nasdaq resumed trading at around 3.25pm EDT (3.25am Singapore time), ending a roughly 3-hour, 11-minute shutdown that was the longest in recent memory.
"Any brokerage firm gets paid by executing orders," said Mr Sal Arnuk, co-head of equity trading at Themis Trading in Chatham, New Jersey. "So yes, we are frustrated, and this hurts us, it hurts the market and it hurts public confidence." All traffic through Nasdaq had stopped at 12:14:03pm (12.14am Singapore time), and the exchange and its larger rival, NYSE Euronext's New York Stock Exchange, said all trades executed between then and 12:23:31pm would stand.