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Schwab Web site fails
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February 24, 1999: 2:04 p.m. ET
Biggest online broker's site down for an hour just as market opens
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NEW YORK (CNNfn) - Charles Schwab Corp. customers couldn't trade on the firm's Web site for about an hour as the markets opened Wednesday.
Schwab (SCH) spokeswoman Tracey Gordon said a problem in a mainframe computer and the normal rush of requests as the markets opened caused the glitch, which lasted until about 10:30 a.m. Eastern time. The site is back up and running, she said.
"We [normally] do as much business in that hour as the next 10 biggest online brokers do in a day," Gordon said.
Schwab, the nation's biggest discount and biggest online broker, suffered a brief outage in January while installing software to boost its Web site capacity.
Schwab's problem was the latest in a slew of technical glitches that have caused online trading sites to falter.
Earlier this month, E*Trade Group 's (EGRP) trading systems failed, prompting New York State Attorney General Eliot Spitzer to launch a probe of online investment firms. Ameritrade (AMTD) suffer similar problems a few days later.
Schwab shares rose 1-1/2 to 74-5/16 at midday. 
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Charles Schwab
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