Stocks Rebound After Nasdaq Glitch
(NEW YORK) -- U.S. stocks reversed this week's declines on Thursday. The Dow ended its longest losing streak in more than a year, as trading picked back up following a sudden halt for all stocks listed on the Nasdaq index.
A technical glitch caused the all-electronic Nasdaq stock market to stop processing trades shortly after noon Eastern time Thursday. Trading resumed with just a half hour remaining before the closing bell.
In a statement issued after hours Thursday, Nasdaq explained the trading halt.:
"Earlier this afternoon, NASDAQ OMX became aware that price quotes were not being disseminated by the Securities Industry Processor (SIP), which consolidates and disseminates all prices for the industry.
"Responding to the SIP issue, in order to protect the integrity of the markets, NASDAQ OMX issued a regulatory halt for all trading in NASDAQ-listed securities.
"In the first 30 minutes, technical issues with the SIP were resolved. For the remaining period of time, NASDAQ OMX, other exchanges, regulators and market participants coordinated with each other to ensure an orderly re-opening of trading in NASDAQ-listed securities."
Nasdaq also said it will continue to investigate the matter and "will support any necessary steps to enhance the platform."
The Nasdaq managed to close with a gain of 38.92 points at 3,638.71. The Dow Jones Industrial Average finished the session at 14,963.74, up 66.19 points. The S&P 500 added 14.16 points, closing at 1,556.96.
More people filed for unemployment benefits last week, but the Labor Department isn't worried. It says the gain of 13,000 is consistent with modest hiring. The less volatile four-week average, meanwhile, hit its lowest level since November of 2007.
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