Nasdaq trading halts; stocks improve on positive data
NEW YORK — The stock market rose Thursday, but it was a glitch on the Nasdaq exchange that became the day’s big talking point.
Trading on the Nasdaq was interrupted just after midday because of problems with a quote dissemination system. That halted activity on the Nasdaq until shortly before the close of the market. When trading resumed, shares in Nasdaq OMX, which owns and operates the exchange, slumped.
The Nasdaq composite was up 31 points, or 0.9 percent, at 3,631 when trading halted, according to FactSet data. It ended the day up 38 points, or 1.1 percent, at 3,638.71.
Earlier on Thursday, economic figures from Asia and Europe helped stocks advance and break a six-day losing streak for the Dow Jones industrial average.
In China, a survey by HSBC indicated that manufacturing was expanding, the latest evidence that the world’s second-largest economy may be over its recent period of weakness. In Europe, a survey of manufacturing and services for the 17 countries that use the euro climbed to its highest level since June 2011.
The Dow climbed 66 points, or 0.4 percent, to close at 14,963.74. The index is still down 3.5 percent for the month.
The Standard & Poor’s 500 index rose 14 points, or 0.9 percent, to 1,656.96, its best day since Aug. 1.
The yield on the 10-year Treasury note rose to 2.90 percent from 2.89 percent Wednesday. The yield is the highest it’s been since July 2011, and is up sharply since going as low as 1.63 percent in early May.
Rising bond yields have unsettled stock investors because they have a direct impact on the cost of borrowing for everyone, from home owners trying to refinance their mortgages to companies trying to sell debt, making them a potential long-term drag on the economy.
The dollar was little changed against the euro and rose against the Japanese yen.