coronavirus

New York Stock Exchange to go all electronic due to COVID-19 pandemic

New York Stock Exchange to go all electronic due to COVID-19 pandemic

Ca-ssis/iStock(NEW YORK) — The bumpy ride in the stock market just became even bumpier as the New York Stock Exchange closed its trading floors in both New York and San Francisco on Wednesday.  When the market opens again on Monday, it will switch to all-electronic for trading.

Intercontinental Exchange, Inc. announced Wednesday, “Trading and regulatory oversight of all NYSE-listed securities will continue without interruption.”

Added Stacey Cunningham, the president of the New York Stock Exchange, “All NYSE markets will continue to operate under normal trading hours despite the closure of the trading floors.”

On Wednesday, the gains made Tuesday in the stock exchange were wiped out once more, bringing the market at the same level it was before President Donald Trump took office — essentially wiping out all its gains since.

The Dow Jones Industrial Average shed over 1,300 points – or 6.28 percent — while the S&P 500 and Nasdaq tumbled 5.17 and 4.7 percent, respectively.

Despite the Senate passing a new stimulus package that has since been signed by President Trump, market analysts remain doubtful it will breathe much life into the market.

Jeffrey Kleintop, the chief global investment strategist at Charles Schwab, told ABC News, “While the markets may bounce on news of new stimulus like it did yesterday, it’s unlikely to bottom until we see that peak in new virus cases, so we just don’t know when that will be.  We are very likely in a recession already, but we just don’t know the depths.”

However, Kleintop assures a deflated market will not be the new normal because “all of the panic and margin selling eventually runs its course.”  However, he did caution, “It’s an incredibly bad time for people who don’t have to sell to be selling — because they are selling into an avalanche.”

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