29th Oct

US stock exchanges close as New York Prepared for Hurricane Sandy

US stock exchanges close as New York Prepared for Hurricane Sandy

US stock trading was closed on Monday 29th October and will almost certainly remain so on Tuesday 30th in response to Hurricane Sandy - the first time in 27 years the markets have shut down for a full day because of the weather. 

NYSE Euronext, which runs the New York Stock Exchange (NYSE), had previously said that electronic trading would remain open and that only the exchange's trading floor would close. The company said that 'the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority.' The Nasdaq exchange and New York Mercantile Exchange (NYMEX)  both remained closed, the latter shutting its trading floor which is located in a mandatory evacuation zone in lower Manhattan. But NYMEX electronic markets will open at their regularly scheduled times. Bond markets have been recommended an early noon close by the Securities Industry and Financial Markets Association. Its member firms will decide themselves whether their fixed-income departments remain open for trading. 

Since the Great Depression, the longest suspension in trading at the NYSE occurred after the terrorist attacks on the World Trade Center on September 11, 2001, when the exchange closed for four days. The moves come as Hurricane Sandy causes the shutdown of transportation systems throughout the region, with weather forecasters warning the approaching storm has the potential to be the largest storm ever to hit the United States. The monthly jobs data, the non-farm payrolls, is due out on Friday, which would be the last major update on the state of the economy before the US presidential election next week. Jobs are one of the most important election issues in the US and have been a hotly debated topic between President Obama and his challenger Mitt Romney. In London the FTSE closed down eleven points at 5795

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