Online brokers Fidelity and Charles Schwab experienced technical difficulties that coincided with the 800-point drop by the Dow Jones Industrial Average at the open Monday. Both brokers told CNBC about an hour after the open that the problems had been resolved. Fidelity clients took to Twitter to air their concerns about the Technical issues. Some Fidelity and Charles Schwab clients experienced difficulties accessing their accounts amid the 800-point drop by the markets Monday. About More Trending News
Fidelity and Charles Schwab Experienced Technical Difficulties
Both brokers told CNBC about an hour after the open that the problems had been resolved. “Due to higher than usual volumes, some clients may have experienced delays in accessing some online features because the market opened but our systems are fine & up & running,” Schwab PR told CNBC. Schwab manages about $4 trillion in assets. “Some clients are experiencing technical issues and that we are working as quickly as possible to resolve,” Fidelity told CNBC shortly after the open. Privately held Fidelity, the most important online broker, manages about $7.8 trillion in client assets for nearly 30 million clients. TD Ameritrade, also experienced “some slowness within the reporting of trade confirmations this morning associated with heavy trade volumes at the open,” the broker told CNBC. TD Ameritrade has about $1.4 trillion in client assets.
Fidelity clients took to Twitter to air their concerns about the Technical issues. ”@Fidelity it might be great on each day like today if your site worked,” said one Twitter user. Many photos on Twitter showed that Fidelity’s platform was telling its clients their account balance was $0.00. Schwab’s app was flashing an “Unavailable” message, consistent with photos on Twitter. The Dow Jones Industrial Average fell quite 800 points on Monday because the number of coronavirus cases outside China surged, raising fears of a protracted global economic slowdown from the spreading deadly virus. The Dow’s drop was the third-largest one-day decline by the 30-stock index within the past three years. Shares of Schwab dipped 5.2% and TD Ameritrade sunk 5.5% amid the market sell-off on Monday. Subscribe to CNBC PRO for exclusive insights and analysis, & live business day programming from round the world.
— With reporting from CNBC’s Jim Forkin.
Correction: Schwab manages about $4 trillion in assets. An earlier version misstated the figure.