Server went down at the NYSE. May have caused the massive point drop...

[originalpckelly]

That happened in only a few minutes about 1 or 1/2 hour ago.

Traders started booing the exchange when the closing bell came.

[louis-t]

1. How does the server going down...

Oh, never mind.

[originalpckelly]

3. Orders to sell stack up, then when the server comes back they all...

are executed at the same time. That would explain why it happened so fast.

[originalpckelly]

2. It was on CNN just now with the chick from the floor.

She was talking to traders and they said there was some type of major glitch in the system.

[ChairmanAgnostic]

4. ACTUALLY, it sounded as though the server was good news.

that guy sounded like he had tons of SELL orders he could not process.

[AlCzervik]

6. we'll see what after hours trading looks like once those ordered get put through.

[originalpckelly]

14. It's unclear whether this what came first: the server or the sell off.

Interesting.

[Beetwasher]

9. Oh, Well THAT'S Comforting To Know

:eyes:

[napi21]

5. I just heard that on CNN. IF true, someone is going to be job hunting!

There's NO WAY the people who control THAT AMOUNT OF $$ will let a "glitch" go without someone getting blamed!!!!

[originalpckelly]

15. They were already booing. I would be surprised if we find some corpses hanging from the rafters...

by Ethernet cables.

[originalpckelly]

7. The traders are all booing at the stock exchange!

:rofl:

[originalpckelly]

10. You should have fucking seen it!

No, fucking way. These people were fucking pissed because of what happened.

[liberal N proud]

8. CNN.com says it was because of the Cheney scare

Dow sinks 500, claws back
Dow sinks 4 percent, broader market slumps on worries about China, thwarted attack on Cheney, durable orders.

NEW YORK (CNNMoney.com) -- Stock tumbled across the board Tuesday, with the Dow industrials sinking more than 500 points at one point, after declining markets in China and Europe and a steep drop in durable goods orders triggered a massive selloff on Wall Street.

News that Vice President Dick Cheney was the apparent target in a Taliban suicide bombing attack in Afghanistan added to the day's worries.

http://money.cnn.com/2007/02/27/markets/markets_0300/index.htm?cnn=yes

Did they push the fear button too far?

[itsmesgd]

13. it's all gonna backfire on them worse than today one of these days

I loved the boo-birds.

Push the fear, push the fear, but not that much...haha

[tridim]

26. Isn't it comforting to know that the fate of the entire stock market

is determined by the status of The DICK's faux black heart?

Sign me up man! Not.

[Double T]

11. Alright! Who pulled the power plug on the 'SELL' server????

Protection for the TOP 10% while the REST are left twisting in the wind.

[ChairmanAgnostic]

12. they were BOOing the NYSE leaders - who reminded me

of the foolishness in Congress during a state of the union. The leaders standing, smiling, clapping, and tons of booing traders because they - the little guys - got screwed bad, while the biggies with automated trading managed to sell off before the worst part of the crash.

[AlCzervik]

19. one day last year the bond traders were screaming at Bush, it was hilarious.

[tridim]

16. Call me crazy, but shouldn't they have a few backup servers?

Electronic Capitalism rocks! :eyes:

[originalpckelly]

20. It may have been a terrorist attack or some other type of hacker.

They're talking about how weird it was to see it drop so fast, it never does that. That's the reason they think it was some type of error.

[lapfog_1]

33. Uhh, this story is some sort of red herring

The NYSE and NASDAQ have some of the most sophisticated high-availability cluster servers ever invented. Complete with synchronous cluster transactions at a distance (across the river in New Jersey somewhere).

I know, I am the inventor of 3 patents in the field of remote replication.

Wall Street got the religion in the late nineties (about HA or BC or whatever acronym you want to use)... then, after 9/11, they really went "nuts" about it, buying up optical links between the financial district and locations in Jersey and Connecticut.

I once had a Morgan Stanley team tell me that IF my software could fine grain replication to milliseconds (I actually could, to microseconds) that they would spend over $1M to acquire a license (I sold my company to a much larger outfit before I got them as a customer). They were concerned about producing a to-the-millisecond trail of buy/sell orders for their constant legal battles (any one of which could cost them well over the $1M per license amount).

Anyway, there just isn't anyway that a "server failure" could happen unless "planned" these days.

[tridim]

36. Same deal with elections.

Unless of course relative humidity is above 80% in the polling place.

What happens if the "terraists" cut the trans-Atlantic pipe?

[LEW]

17. Same old crap - divert attention from real reason for drop

it's a glitch, it's a glitch - they only wish. The writing has been on the wall for a long time that the market was going to drop and big anytime.

[originalpckelly]

22. There was a sell off, but the hundred odd point drop in a few minutes...

was not a normal operation. Some type of error caused that. Do you understand what I'm saying?

[LEW]

25. i understand completely

and still think it's a lie and diversion.

[originalpckelly]

28. Well, they are still saying there was a sell off, but they are...

just worried that a glitch caused that short term big drop.

[itsmesgd]

18. some posts are frozen due to "technical difficulties"

watch for the numbers to be corrected later on when the numbers have been sorted out. They will probably be lower if sell orders were placed on hold. They will be counted after hours.


Largest one day loss since 9/17/2001. Tomorrow should be fun

[MADem]

21. What about the Chinese market? Did someone pee on the power cord over there, too? NT

[AlCzervik]

23. it started there yesterday, they were off by around 8%.

[originalpckelly]

27. I wasn't clear enough. There was a massive drop in points in only a few minutes...

and they think that was caused by a glitch. On the hand, there was already a sell off happening when that occurred.

It was pretty obvious there would be and was a sell off, but the problem is that there was a massive drop in only a few minutes. That's what caused the floor traders to do that.

[Malikshah]

24. Ooops.. My Bad.... Auntie Em, Auntie Em.. it's a Twister....--Johnny

[AngryAmish]

29. My sister works for the NYSE - in IT

Actually her job has nothing to do with this but I would guess it's pretty tense over there right now.

[originalpckelly]

30. Yeah, that has to really suck.

:wow:

Hopefully she'll avoid the mob of traders who were pissed at the closing bell.

[KamaAina]

31. See what a great idea it was to privatize the NYSE?

:sarcasm:

[jumpoffdaplanet]

32. Randi Rhodes wondered if it's because of the China stock dump

And if this is China's way of telling Bush to stop messing with Iran (as China heavily depends on Iranian oil).

It will be interesting to see if the media whores are ordered to stop pretending Iran is arming whoever the hell it is they are supposed to be arming in Iraq.

[ben_meyers]

37. So China tanked it's own market?

To send us a message? Sometimes Randi just says stuff.

[brettdale]

34. Is that the excuse they are giving ??????????????????????????

The US Market went down because of the server???

What about the rest of then planet whos market's opened earlier?????

They also went down.

[brettdale]

35. It wasnt the server that caused this

http://www.usatoday.com/money/markets/2007-02-27-wallstreet-daily_x.htm



NEW YORK (AP) — Stocks fell sharply Tuesday, joining a global stock decline sparked by growing concerns that the U.S. and Chinese economies are cooling and that U.S. stocks are about to embark on a major correction.

At the close of trading, the Dow Jones industrial average was off 415.30, or 3.3% at 12,216.96.

Broader stock indicators also fell sharply. The Standard & Poor's 500 index was down 49.81, or 3.4%, at 1399.56, and the Nasdaq composite index was down 96.65, or 3.9%, at 2407.87

A 9% slide in Chinese stocks earlier set the tone for U.S. trading, a day after investors sent Shanghai's benchmark index to a record high close.

[elfin]

38. "Went down" - my foot

They shut it down for fear Bushco would look even worse and hyper afraid oif the cascading effecto of the basic fear that underlies the market.

Just called my broker as I always do during/after a huge correction and bought a "green" stock. Worked well after 9/11 - glad I had some spare cash that I almost spent on carpeting, but couldn't decide on a swatch. We shall see whether I live with my 1967 BROWN carpets a bit longer.

[MyNameGoesHere]

39. No they were not MS Servers.

Just thought i would get that out there before the inevitable MS suxx post

IBM is also supplying Linux workstations optimized for high-resolution graphics, but consume less power. Traders will use the workstations to pipe information from the exchange floor to trading desks upstairs in real-time.

IBM's WebSphere middleware, DB2 database and Tivoli management software will power the back-end for TradeWorks. DB2, which will store as much as $14 billion in transactions per day, will run on IBM's mainframe zSeries operating system (zOS).

[fasttense]

40. Well a "correction" was due. One man's correction

is another man's recession, stagflation, depression? It all depends on where your money was hidden.

[gravity]

41. I guess thats good news

That huge drop had me worried for a bit.