Local financial advisory employee says NYSE glitch didn’t do much damage

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

OVERLAND PARK, Kan. -- Around 10:30 a.m. on Wednesday, trading on the New York Stock Exchange came to an abrupt halt.

Although inconvenient, Ken Eaton, a managing principal at a financial advisory company, says it didn’t do much damage.

“In China, the stock market actually fell enough that the Chinese government halted trading in all its stocks. The NYSE actually halted trading because they had some kind of a technical problem,” he said.

Eaton works at Stepp & Rothwell. He says the NYSE is run electronically so a computer glitch isn’t surprising.

“One of the reasons why it’s taken so long for the NYSE to get back up is because they decided they would cancel all the orders that were already placed and those orders had to be canceled by hand as opposed to electronically,” Eaton said.

There was a drop in stocks but Eaton says it’s because of the economic crisis in Greece.

“The Greeks and the Chinese both have more of an economic affect than does the glitch that happened today,” Eaton added.

But he says Greece’s economy is small enough to not have a big effect. In short, Eaton says there isn’t anything for the average investor to worry about.

The NYSE was back up for the last hour of trading.