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NYSE technical glitch Resolved that Berkshire Hathaway stock appears to drop 99.9%

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New York Stock Exchange

Trading on the New York Stock Exchange got back to normal on Monday morning after the exchange revealed a technical problem. This issue caused big swings in the display prices for some stocks which is including Warren Buffett’s Berkshire Hathaway.

Just after 11 am Eastern Time the New York Stock Exchange (NYSE) explained about the glitch. That the problem was with the main electronic system that shows stock prices. They mentioned that most stocks were either back open or getting ready to open again.

The group in charge of publishing stock prices, known as the Consolidated Tape Association, released a statement. They suggested that the problem might have caused by a software update. That affected the boundaries or limits on how much stock prices can change.

They mentioned that they fixed the problem by switching back to using the old software in a different data center.

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The NYSE website showed that around 50 stocks impacted by the problem. Trading in these companies stopped for about an hour. Because of this issue, the NYSE wrongly displayed the “Class A” shares of Berkshire Hathaway as dropping by 99%, from their usual price of about $620,000 per share.

Graph is showing in screen.
Graph is showing in screen.

Trading for these shares returned to normal around 11:35 a.m. Eastern Time. The technical issue also impacted shares of other companies like AMC Entertainment, Chipotle, and GameStop.

Before the problem occurred the price of GameStop share went up significantly. This surge happened after a trader named Keith Gill who is famous on social media as Roaring Kitty seemed to say online that he was making a bigger bet on the stock.

On Monday there was a problem with computers at the New York Stock Exchange. This happened just a few days after another issue where the live numbers for the S&P 500 and the Dow Jones Industrial Average were missing for about an hour.

About a week ago the NYSE started something new because of a rule from a government group called the Securities and Exchange Commission. They changed how quickly they finish trades. Before, it took two days to finish a trade, but now it only takes one day.

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