John McCrank and Rick Rothacker
Oct 30, 2012
Hurricane Sandy will close U.S. stock markets for a second day on Tuesday, as Wall Street turned its attention to whether markets would be able to resume functioning on the month’s final trading day on Wednesday.
U.S. stock markets closed on Monday due to weather for the first time in 27 years. Bond markets closed early, at noon, as winds and waves from Hurricane Sandy lashed the Eastern seaboard.
NYSE Euronext and Nasdaq OMX Group, the largest two U.S. exchange operators, said they intend to reopen Wednesday, conditions permitting. The bond markets will also close on Tuesday, with traders aiming to reopen on Wednesday.
Wednesday is a key trading day because it marks the end of the month, when traders price portfolios. With New York still to feel the full impact of the storm Monday evening, fears remained that wind damage and possible power outages could test the ability of markets to reopen. New York’s mass transit system, which most employees use to get to work, also remained shut and it was unclear when service would be restored.
This article was posted: Tuesday, October 30, 2012 at 3:43 am