Robinhood App Experiences Lengthy Outage Amid Spike in Stock Trading

The popular app was down all day on Monday as markets sought to recover from last week's coronavirus-related market correction.
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Free stock trading app Robinhood saw a system-wide outage all day on Monday amid a rebound from last week's selloff. 

The company confirmed in a tweet that the app was down and said it was working to resolve the issue. The Dow Jones Industrial Average closed 1,293.96 points higher on Monday as markets sought to recover from the coronavirus-related panic that sunk all major indexes into correction territory last week.

"We're experiencing downtime, and are working to resolve this as quickly as possible," a Robinhood spokesperson told TheStreet. 

Robinhood offers commission-free trading of stocks, ETFs, cryptocurrencies and other investment products, and has accumulated a user base of about 10 million millennial-skewing users. 

Robinhood's Twitter account was deluged with messages from frustrated users who were unable to make any trades through the app during Monday's market rally. Thousands of users had lodged complaints by Monday evening, with some threatening to stop using the service. 

On Friday, Federal Reserve chair Jerome Powell indicated that the central bank is considering a rate cut to mitigate the economic impact of the coronavirus outbreak, which has led to widespread manufacturing disruptions in China and restrictions on travel and other activity elsewhere. 

Powell said that the Federal Reserve "the coronavirus poses evolving risks to economic activity" and that the bank would "act as appropriate" to offset the risks.

On Monday, the Bank of Japan joined the Federal Reserve in pledging to "ensure stability in financial markets through appropriate market operations and asset purchases.” Other banks in Europe have said they are monitoring the situation closely.