NEW YORK (Reuters) - Technology bulls may have thought the heady days of the Internet era were back in swing on Tuesday after the Nasdaq composite index surged more than 3,000 points, but the spike was due to a glitch.
The index rose in the morning as high as 5,482.62, well above its recorded March 2000 life-time high of 5,132.52.
“It blew me away,” said Bruce Zaro, chief technical strategist at Delta Global Advisors Inc., in Plymouth, Massachusetts. “I think someone pressed the wrong digit.”
Indeed, a spokesman for the Nasdaq Stock Market Inc. (NDAQ.O) said erroneous trades involving shares of Optimer Pharmaceuticals Inc. OPTR.O had caused the index to spike higher.
“These erroneous trades were placed through Nasdaq,” said spokesman Wayne Lee.
He added that any and all trades in Optimer, executed in NASDAQ, from 9:30 a.m. ET through 9:35 a.m. at a price at or above $9.54 would be erased.
Before midday, Optimer shares were up 0.7 percent at $8.73.
Additional reporting by Emily Chasan