5-hour blackout on Spanish stock exchange

Associated Press
FILE - In this July 23, 2012 file photo, a broker sits in front of 3 blank screens at the Stock Exchange in Madrid. Trading was suspended Monday Aug. 6, 2012 due to a technical problem. (AP Photo/Paul White, File)
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MADRID (AP) — Trading on Madrid's stock exchange has resumed after a five-hour blackout that was blamed on a technical glitch.

The benchmark Ibex 35 shout up 2.5 percent when trading began again just before 3 p.m. (1300 GMT).

An exchange spokesman, Jesus Merino, said technical problems had caused the breakdown Monday but he could give no further details.

Spain's stock market has been convulsed in recent months as investors react to the ups and downs of the country's economic crisis.

The government is desperate to avoid having to seek a sovereign financial bailout but its problems are mounting daily. Debt is rising and unemployment is near 25 percent.

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