Market Overview

Online Brokers See Tech Issues As Stock Market Rallies

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Online Brokers See Tech Issues As Stock Market Rallies

The massive rally in the stock markets Monday is causing problems for many online stock brokers.

Brokers Down: User reports indicate that financial service firms Merrill Lynch, Fidelity, Charles Schwab and TD Ameritrade are having problems, according to Downdetector.

A user on Twitter also said Charles Schwab Corporation (NYSE: SCHW) saw its platform go down in March on a massive one-day move as well.

Users on Robinhood are reporting seeing a message that says “we are experiencing high traffic. You can still place trades, but other functions may be impacted.”

Morgan Stanley (NYSE: MS) unit Etrade is also experiencing issues, according to Twitter users. 

Issues with Webull were surging Monday morning due to demand on the platform, according to Downdetector. 

Related Link: What To Know About The Robinhood Hack

Others Down: Downdetector is also reporting Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL) unit Google is experiencing problems.

Discord is experiencing problems, according to Downdetector. 

What’s Next: Stocks are surging on hopes of a COVID-19 vaccine after strong results from Pfizer Inc (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) were reported Monday morning.

“It certainly looks like this is a huge step in the right direction. (A vaccine) will solve so many ills in the economy. It will get people back to work, help business, get people to spend more. So if we can get into the new year that that’s going to happen, it should be good for stocks overall,” said TD Ameritrade Chief Market Strategist JJ Kinahan.

Price Action: The SPDR S&P 500 Trust ETF (ARCA:SPY) is up 3% to $361.61.

 

Related Articles (SCHW + MS)

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