Charles Schwab Corp. founder and chairman Charles Schwab.(Photo Justin Sullivan Getty Images file)
The web site and mobile app for Charles Schwab Co. went offline for more than an hour Tuesday because of a denial of service attack according to the company.
Shortly before the stock market closed today we experienced an exceptionally high volume of website traffic which we believe was related to a denial of service attack the company said in a statement. We deeply apologize to our valued clients for the inconvenience. The outage lasted about an hour and forty minutes.
The San Francisco discount brokerage company said customers could call and place trades although for a brief time immediately before market close call volumes were high.
For Schwab a pioneer in online brokerage the outage is highly unusual and potentially costly. Customers rely on quick trade execution and could claim that the online outage kept them from making profitable trades. What if you were trying to trade Netflix said Mike Vorhaus president of Magid Advisors in New York. I'd be worried for them if it happened again in the near future.
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