Stocks closed sharply lower as markets turned their attention to China, eclipsing the focus on Greece. Trading was halted for much of the day on the NYSE, but continued on other exchanges. Bobbi Rebell reports.
U.S. stocks were falling following the big selloff in China when a technical glitch halted all trading on the New York Stock Exchange just before noon. But NYSE-listed stocks and other equities continued to trade on rival exchanges, like Nasdaq and BATS, so traders said there was no panic. PNC Investment Director Jim Dunigan. SOUNDBITE: JIM DUNIGAN, INVESTMENT DIRECTOR, PNC (ENGLISH) SAYING: "The New York Stock Exchange is not the hub of activity that it maybe was ten or twelve years ago, it represents less than a quarter percent of the daily trading volume, and business is getting done through the other exchanges. There's eleven other exchanges, a number of other private venues. So, trading activity is getting done." The exchange did not re-open until 3:10 p.m. Stocks closed sharply lower in large part because of market turmoil in China, on top of continued concerns about the Greek debt crisis. Minutes from the June Fed meeting that was released amid the trading halt showed policy makers were cautious. They want to see more data before hiking interest rates, indicating any move would likely have to wait until at least September. They also raised concerns about Greece's debt crisis. After the markets closed, Alcoa reporting earnings that fell short of forecasts, but revenues came in above expectations. Microsoft hanging up on it's Nokia business. The software giant is cutting up to 7800 jobs, nearly seven percent of its workforce mostly tied to its phone business. Several brokerages upped their price targets on Container Store. The retailer's quarterly loss widened but was smaller than expected. Shares of JPMorganChase fell. Reuters has learned the U.S.' largest bank has reached a settlement with state and federal authorities. It will pay at least $125 million to settle probes over its collection and sales of credit card debt. Europe was the odd man out, bucking the global selloff. The markets rebounded on a rally by financial and pharmaceutical shares.