E-brokers report outages as Dow jumps greater than 800 factors in vaccine rally
A pedestrian with an umbrella walks past a Charles Schwab office in New York.
Scott Eells | Bloomberg | Getty Images
Shares rose Monday, but some clients of online broker Charles Schwab, TD Ameritrade, Vanguard and others could miss the record highs.
E-brokers had technical issues with their trading systems while the Dow Jones Industrial Average and S&P 500 hit all-time highs due to optimism about a Covid-19 vaccine. It was unclear how many clients the broker was unable to get access and do business with in a timely manner.
"Due to a technical problem, customers may have difficulty logging into the http://schwab.com website and mobile apps. We are working to resolve this problem as soon as possible. The hold times may be longer than usual," said Schwab Vice President of Commerce and Derivatives Randy Frederick tweeted shortly after the opening bell.
US stocks rose after pharmaceutical company Pfizer and German biotech company BioNTech announced that their Covid-19 vaccine was more than 90% effective at preventing Covid-19 during studies. The Dow Jones Industrial Average closed more than 800 points, or 2.95%, to hit an all-time high. The S&P 500 also hit a record high before posting a 1.2% gain.
"There are login problems with our apps. Until this is fixed, please use a browser and log in at https://invest.ameritrade.com or use our TOS desktop platform. We thank you for your patience" , TD Ameritrade tweeted from his company's Twitter account.
Vanguard tweeted that some customers are having trouble accessing their accounts. Fidelity said it "experienced high volumes this morning which impacted processing speed".
Robinhood's status remained "operational" according to the company's website. However, some Robinhood customers tweeted about issues with the app on Monday.
Private investors from Robinhood, Fidelity and Schwab were excluded from major market days several times this year. In March, during the record market volatility, there were days of outages on the stock trading sites and apps. Customers are going to Twitter on Monday to express their frustration with the outages.
Interactive Brokers didn't seem to have any technical issues.
Schwab said around noon that the technical problems had been solved.
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