March 2, 2020 / 10:39 PM / 5 months ago

Robinhood trading app out of service on day of heavy volume

NEW YORK (Reuters) - Trading on Robinhood, a stock trading app popular with millennials, was down on Monday, preventing its customers from buying and selling shares in a session that saw the market stage a major rebound from last week’s slump.

“We are still experiencing system-wide issues. Our team is continuing to work to resolve this and we’ll provide updates as they become available,” Robinhood tweeted at about 4:07 p.m. EST (2107 GMT). “We apologize again for the trouble this has caused and appreciate your patience with us as we work to resume service.”

The interruption came on a day of much higher-than-usual volume as Wall Street rebounded from last week’s sharp sell-off, which was tied to worries about the coronavirus. The Dow Jones Industrial Average surged over 5% on Monday while the S&P 500 and Nasdaq each jumped more than 4%. [nL1N2AV24R]

About 14 billion shares changed hands during Monday’s session, compared with a 9.5 billion-share average for the last 20 days.

A Robinhood representative did not immediately respond to a request for comment.

Reporting by Caroline Valetkevitch in New York and Noel Randewich in San Francisco; Editing by Lisa Shumaker

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