Application Investing Robots Not Working Again [Updated]
Investment App Robinhood closed for trading this morning on one of the most volatile mornings in stock market history in recent memory . The S&P 500 fell so sharply immediately after the New York Stock Exchange opened that it paused in a “limit cut” in trading that has not happened since 2008.
The company tweet says the company is investigating the issue and users can see updates on the Robinhood status page .
According to another tweet, less than 30 minutes later, trading was “partially restored.”
By 3:30 pm ET, the platform was fully functional again . A spokesman said the company is investigating the issue but does not believe it is related to previous outages.
A Robinhood spokesperson emailed this comment:
“Trading on our platform was temporarily unavailable this morning. We know this interruption has upset our clients – especially after last week and on the day trading was stopped throughout the market. Our platform is now fully operational and we are working hard to improve our services in this historical and volatile market environment. ”
The app was out of service on Monday and Tuesday last week as the market rebounded from a February 27 plunge amid coronavirus concerns. When the market began to rally ahead of the Federal Reserve’s rate cut announcement, some users found their Robinhood accounts blocked.
Robinhood said the outage was due to high volume and market conditions. While the company hasn’t announced any specific compensation for customers using the free version of the app, it has still announced a three-month loan for Gold subscribers.
This post was originally published on March 9, 2020 and was updated on March 10 to add details on service recovery and a quote from Robinhood about the investigation.