Stock of Nasdaq exchange owner drops after glitch

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Associated Press

Posted on August 22, 2013 at 1:00 PM

Updated Thursday, Aug 22 at 1:06 PM

NEW YORK (AP) — A glitch that stopped trading on the Nasdaq is hurting the stock of the exchange's owner.

The technical problem halted trading for about three hours. Full trading resumed at about 3:25 p.m. EDT on the Nasdaq, a major stock exchange dominated by the biggest names in technology.

Nasdaq OMX Group Inc. stock — which trades on the Nasdaq — is off 3.7 percent to $30.36 late Thursday afternoon.

The problem raises questions about the pitfalls of computer-driven stock trading and echoes other stock market snafus from the past few years. The "flash crash" in 2010 caused the Dow Jones industrial average to drop nearly 600 points in five minutes. Facebook's IPO last year was disrupted by technical problems.

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