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August 05, 2024
Charles Schwab: On Monday, several brokerage websites, including Charles Schwab, Vanguard, and Fidelity Investments, went down and reported errors during a major stock market crash.
This happened as fears of a slowing US economy worsened, causing a global sell-off. The S&P 500 dropped by 3.1% in early trading, its worst week in over three months.
By 9:50 AM Eastern time, the Dow Jones Industrial Average had fallen by 996 points, or 2.5%, and the Nasdaq composite was down 3.8%.
DownDetector, a platform that shows outages online, showed that Schwab was down for more than 15,300 users, while reports at Fidelity reached more than 3,000.
Reacting to the outage, one person said: "The stock market is crashing and @CharlesSchwab has once again disabled logins to prevent people from accessing their accounts and trading.
We need to sue Charles Schwab for doing this kind of nonsense."
"Multiple brokerages, including Charles Schwab, Fidelity, Vanguard, TD Ameritrade, E-Trade, UPS, CenturyLink, and Interactive Brokers, are currently down and reporting errors amid the market drop," another person said on the X platform formerly known as Twitter.
"It is absolutely disgusting that customers on these trading platforms cannot access their money," a third person tweeted.
The companies have yet to address the outage that has left thousands of customers frustrated.
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