This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Big Banks: Financial Winners on a Really Weird Day

Stocks in this article: NDAQ RF KEY WFC I:SPX

NEW YORK ( TheStreet) -- The nation's largest banks on Thursday rallied after taking a beating on Wednesday following the release of the minutes of the Federal Open Market Committee's most recent meeting.

Cullen Frost Bankers (CFR) of San Antonio saw its shares rise nearly 3% to close at $75.58. Large banks seeing shares rise over 2% included KeyCorp (KEY) of Cleveland, which closed at $12.35; State Street (STT) of Boston, closing at $69.73; Regions Financial (RF) of Birmingham, Ala., at 10.06; M&T Bank (MTB) of Buffalo, N.Y., at $118.75; and First Niagara Financial Group (FNFG), also of Buffalo, N.Y., at $10.63.

Stock trading was disrupted, as Nasdaq OMX Group (NDAQ) halted all trading at 12:14 p.m. ET. NYSE Euronext (NYX) then halted all trading at 12:26, at the request of Nasdaq. This kept investors from trading shares of some of the most active tech names, including Apple (AAPL) and Microsoft (MSFT), for over three hours. Nasdaq blamed technical problems that were interfering with the dissemination of stock price quotes.

James Angel, an associate financial professor at Georgetown University and a former chairman of Nasdaq's economic advisory board, in an interview with TheStreet, said that "as we learned from the Facebook (FB) incident, it's better not to trade, than it is to trade in a messy and disorderly way." Angel referred to the debacle surrounding Facebook's initial public offering in May of 2012, which was marred by numerous Nasdaq trading delays.

"Not only did the Nasdaq exchange go down, but the Nasdaq system that reports the trades to everybody, also went down." Angel was referring to Tape C, through which Nasdaq reports trades to other exchanges through the Securities Information Processor, or SIP.

"Every exchange has had their technology issues, over the past two years," Angel said.

Trading was soon restored on the New York Stock Exchange. Nasdaq resumed trading of just one stock, Atlantic American (AAME), shortly after 3:00 p.m. ET, with quotes for all other listed stocks being released at 3:10 p.m. and after a 15-minute delay, all stock trading resuming at 3:25 p.m. Options trades were subject to further delays, of up to 20 minutes.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs