Nyse Will Delay Extended Trading

Fri., June 4, 1999

From Staff

The New York Stock Exchange told investors Thursday they will have to wait another year before they can trade shares in IBM, AT&T and other blue chips over breakfast or while watching the evening news.

Richard Grasso, chairman of the NYSE, said that before the world’s biggest stock market expands its hours it wants first to ensure there are no glitches with the year-2000 computer bug and the switch to reporting stock prices in decimals instead of fractions.

The go-slow decision came a week after the Nasdaq Stock Market voted to begin extending its hours into the evening as soon as this fall. Nasdaq did not immediately comment on whether its timetable would be pushed back.

With U.S. markets’ current hours of 6:30 a.m. to 1 p.m. Pacific time, investors on the West Coast get shut out after lunch. Between 20 percent to 25 percent of online trades by individual investors are placed after hours.

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Nyse Will Delay Extended Trading

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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