Hurricane Sandy causes rare NYSE, Nasdaq closings today

“U.S. stock and options markets will shut down today [Monday, October 29, 2012] as Hurricane Sandy drenches Manhattan,” Abram Brown reports for Forbes.

“Originally, the NYSE hoped to shift trading to its electronic NYSE Arca exchange, which is not based near New York. The Nasdaq, already an electronic platform, had intended to stay open as well,” Brown reports. “The decisions came just before midnight on the East Coast, and officials say they later today will make a decision about whether to stay closed tomorrow [Tuesday].”

Brown reports, “Most of Manhattan darkened by 9 p.m. Sunday, after New York Gov. Andrew Cuomo ordered the city’s subways, bus and rail lines closed. That will choke off access to the city for the 8.5 million commuters who normally use those systems to enter New York. Hurricane Sandy is expected to make landfall sometime this evening, bringing heavy rains, gusting winds, flooding and power outages. It’s flooding that could impact Manhattan’s Financial District most. The neighborhood sits in a low-lying part of the island, and officials have cautioned that flooding could likely affect wide parts of the New York area.”

Read more in the full article here.

Related article:
East Coast Apple Stores prepare for Hurricane Sandy – October 29, 2012

20 Comments

    1. The real ‘pansies’ are MDN who use the stock market closure as an excuse to not post stories. I guess that if the market is closed, MDN figures that the world is closed too and Apple has not news.

  1. People along the Gulf Coast get their surfboards out for a Category 1, but since New York City is home to the corporate “news” media, it’s treated as though it were a Category 5.

    Frickin’ chickensh!ts!

    1. Remember that tall buildings tend to accelerate the wind. When the gusts are already upwards of 100mph before they hit the speed of the downdraft is going to be pretty major, and totally random to boot.

      I’d be staying in if I were in NYC too. Bollocks to macho willy-waving.

  2. I still see no excuse for not allowing electronic trading. That is based out of Chicago and not NYC anyway. In case they haven’t realized it yet, NYC is not the center of the universe and life goes on as normal for the 80+% of the country that is totally unaffected by this storm.

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