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    NYSE PLUNGES, SHUTS DOWN; cites computer glitch,UNITED AIRLINES citing the same reason

    NYSE PLUNGES, SHUTS DOWN; cites computer glitch, just after UNITED AIRLINES shuts down nationally, citing the same reason
    Dow ends down 261 as NYSE shutdown stuns markets
    David Carrig and Adam Shell, USA TODAY 3:48 p.m. CDT July 8, 2015


    Losses in U.S. stocks following a global sell-off Wednesday accelerated when trading at the New York Stock Exchange suddenly halted for unknown technical reasons.

    The Dow Jones industrial average was already off 177 points when at 11:32 a.m. ET trading in all securities on the NYSE stopped. Trading on the exchange resumed about 3:10 p.m.

    Well into the 3½-hour shutdown came the release of the latest Fed minutes, which gave investors another opportunity to second-guess when the central bank will raise rates.

    The Dow ended down 261 points, or 1.5% to 17,515.42. The Standard & Poor's 500 index shed 1.7%, to 2046.69, while the Nasdaq composite index lost 1.8%, to 4909.76.

    It's only Wednesday, but it's already been a tough week for investors around the world. Europe and Asia investors, especially, have confronted the longer-term issues of Greece's debt problem and a cratering market for China stocks.

    Amid the NYSE shutdown, the exchange issued a statement saying: "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."

    It still wasn't clear after the 4 p.m. close what the nature of the tech issue was.

    Even with the NYSE shut down, stock losses accelerated with the Dow's loss exceeding 200 points in afternoon trading. The outage didn't affect other markets including the Nasdaq Stock Market. In fact, trading in NYSE-listed stocks was still occurring on other exchanges, including the Nasdaq.

    "There are 11 other stock exchanges," says Sal Arnuk, trader at Themis Trading. "The good news is there's redundancy in the system and stocks are continuing to trade." Arnuk says the other exchanges are handling the trading "fluidly and smooth."

    In an increasingly electronic, automated market, market glitches — despite the uncertainty that results — are just part of the new investing landscaping, says Savena Mostowfi, head of U.S. equities research at TABB Group, a firm that specializes in market structure.

    "System glitches are the new norm," she told USA TODAY.

    Mostowfi lauded the NYSE's decision to shut trading down when it discovered a technical problem.

    "It was a smart decision rather than create mass confusion," she says, noting that investors would rather not be in limbo, wondering what the status of their trades are.

    And while the U.S. exchange system has gotten increasingly fragmented with 11 different exchanges, which is often a criticism, today the ability of investors to seamlessly move their trading to other exchanges is a sign the system "works," says Mostowfi. The fact that the stock market did not go into freefall despite the outage at the NYSE was "reflective of how seamless the transition was for brokers to go from one trading venue to another."

    Stocks had been lower all morning as investors were confronted with a major sell-off in Asian markets, uncertainty over the future of Greece and the eurozone and the upcoming release of the Fed minutes.

    Wall Street followed Asian markets lower as Hong Kong's Hang Seng index plunged as much as 8% before closing down 5.8% and China's Shanghai Composite sank 5.9%. Japan's Nikkei 225 index lost 3.1% to close at 19,737.64.

    China's dramatic stock plunge continues


    The sell-off in China came despite measures announced by the Chinese government Wednesday to halt the stock slide including telling state-owned companies to buy shares, raising the amount of equities insurance companies can hold and promising more credit to finance trading.

    Chinese stocks are now down more than 30% since early June.

    The lack of progress on Greek debt talks also added to investor angst. Greece submitted a request to the European Union for aid on Wednesday, and must present a detailed new economic reform proposals to justify fresh lending by international creditors by Thursday. EU leaders have also give Greece a Sunday deadline to make a deal of face bankruptcy.


    European stocks were higher Wednesday after four straight days of declines. Hopes that Greece will eventually submit a proposal and spur talks that will lead to a deal helped stop the recent European drop. Germany's DAX index was up 0.7% and France's CAC 40 added 0.8%.

    http://www.khou.com/story/money/mark...sday/29856201/
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

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    Ladies and Gentlemen, It's Time to Panic
    Hamilton Nolan ~ 7/08/15 12:23pm

    Have you noticed anything odd going on this morning? Oh yes. Let us be the first to tell you that the time to panic is upon us.

    ITEM: The New York City subway system suffered an atrocious commute today, with some trains being inexplicably stranded in stations for long periods of time.

    ITEM: The website “The Dissolve” folded today.

    ITEM: United Airlines was forced to ground all of its flights after its computer system mysteriously stopped working.

    ITEM: The New York Stock Exchange suspended trading today after its computerized trading system mysteriously stopped working.

    ITEM: Immediately after, the Wall Street Journal’s website mysteriously stopped working.

    ITEM: More than 2,500 people in Washington, DC mysteriously lost power.

    It seems our nation’s centers of powers are facing a mysterious and spreading collapse.

    I choose to panic. If you choose to remain calm, good—I’ll get away ahead of you.

    http://gawker.com/ladies-and-gentlem...nic-1716514222


    Anonymous issued cryptic tweet on eve of NYSE suspension
    By Jesse Byrnes - 07/08/15

    http://thehill.com/policy/finance/24...yse-suspension
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

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