UPDATE: Hurricane Threat Shuts Wall Street Tuesday

Oct 29 2012 | 2:06pm ET

U.S. stock markets will be closed for a second day tomorrow, and will be joined by the bond markets, as the New York area braces for the effects of Hurricane Sandy.

NYSE Euronext, which runs the New York Stock Exchange, said that it had agreed with other exchanges and market players to close on Tuesday. In addition, U.S. bond markets closed early today and will remain shuttered until at least Wednesday.

NYSE said it hoped to reopen Wednesday, if possible. The Big Board hasn't closed for two straight days due to weather since Hurricane Gloria struck New York in 1985, and hasn't had an unscheduled trading stoppage since Sept. 11, 2001.

NYSE on Sunday said it would close its physical trading floor today but allow trading in NYSE stocks on its NYSE Arca electronic exchange. It dropped those plans after meeting resistance from banks and brokers. The Nasdaq Stock Market, which had also planned to open electronically today, followed suit.

The closures were motivated by Sandy's approach. The hurricane, packing maximum winds of more than 90 miles per hour and bringing with it a potentially devastating storm surge, is expected to make landfall in southern New Jersey tonight or early tomorrow morning. Fearing the worst, including potentially widespread flooding in New York City and its environs, officials have closed schools, courts, offices and mass-transit systems.

Those moves, especially the latter, may have forced the exchanges' hands, as without commuter rail or subway service, it was likely to be difficult for employees and traders to make their way to work.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR