Robinhood, Etrade go down as stocks soar

Robinhood, Etrade go down as stocks soar

Users are reporting that trading platform Robinhood was down during early morning trading that saw stock markets soar.

Robinhood’s status page says all systems are “operational,” but users on Twitter said they could not access the service. Robinhood did not immediately comment when reached.

Some users said Etrade was also experiencing problems. A spokesperson for Etrade said its platform is “fully operational” but declined to comment further.

After weeks of turbulent markets largely driven by coronavirus concerns, the Dow Jones Industrial Average (DJIA) is up 3% in early morning trading.

Robinhood, which earlier this month raised $280 million pushing its valuation to $8.3 billion, took heat in March after several days of outages saw users unable to trade on the platform. Users were left furious after the outage prevented access to the platform on what was one of the busiest trading days of the year.

The financial startup said it would offer case-by-case compensation to its 10 million users for their troubles. Months earlier, the company admitted a glitch that let users borrow more money than they were allowed.

Morgan Stanley bought Etrade earlier this year for $13 billion. Last year Etrade reported record revenue of $2.9 billion.

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