NYSE Resumes Trading After Technical Glitch Causes Stocks to Plummet

Normal trading operations have resumed on the New York Stock Exchange after a technical issue led to significant disruptions in stock prices, including those of prominent investor Warren Buffett‘s company, Berkshire Hathaway.

The NYSE reported that the glitch affected the main electronic stock price publisher, resulting in abnormal price fluctuations for about 50 stocks. Trading in these companies was temporarily halted as a result of the issue.

Among the impacted stocks was the famed ‘A’ shares of Berkshire Hathaway, which briefly showed a price drop of 99% from its actual value, causing confusion and concerns among investors.

Additionally, other stocks such as GameStop and AMC Entertainment Holdings were also affected by the technical malfunction, with their prices displaying irregular movements during the disruption.

Earlier in the trading session, shares of GameStop experienced heightened volatility following a social media post by Keith Gill, widely known as ‘Roaring Kitty,’ indicating an increased investment in the stock. This added to the uncertainty surrounding the market at the time.

The NYSE swiftly addressed the issue, identifying it as related to ‘limit up, limit down bands,’ which are mechanisms in place to prevent excessive price swings. Most stocks were reopened for trading, restoring stability to the exchange by late morning.

Investors and traders closely monitored the situation as the NYSE worked to rectify the technical problem and bring trading back to normalcy. The incident served as a reminder of the potential risks associated with electronic trading platforms in today’s rapidly evolving financial markets.