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U.S. markets recover from steep losses
LONDON, Sept. 9 (UPI) -- The London Stock Exchange Tuesday initiated an investigation into the computer glitch that closed the exchange for seven hours Monday, the company said.
"As we would with any incident like this, we will investigate the causes," an LSE spokesman said.
Frozen computers halted trading a day after U.S. regulators announced they would take control of the two largest U.S. mortgage brokers, a move that sparked market rallies worldwide.
The breakdown occurred at 9:15 a.m. Monday morning, The Daily Mail reported.
The problems were fixed a half hour before closing, leaving enough time for the FTSE index post a rally of nearly 200 points on the day.
But, traders were "incandescent with rage," when the computer problem hit, the newspaper said.
'With the Americans doing their mortgage bail-out it was looking to be a bumper ride for the FTSE 100. You could have seen some enormous trading volumes in London," said David Jones of the IG Index.
"'It is sod's law -- it happened at the worst possible time. This won't help the LSE's reputation or its business," said one said trader, while downing a pint of Guinness in a pub.
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