23 October 2014

US stock markets shuttered as Hurricane Sandy approaches

29 October 2012  |  3912 views  |  1 NYSE 1

American stock exchanges are shutting down today, and provisionally tomorrow, as a precaution ahead of hurricane Sandy's arrival on the east coast.

Over the weekend exchanges and regulators took the decision not to open the equity market as Sandy - which has already killed dozens of people on its way through the Caribbean - prepares to hit New York.

 

Initially, the New York Stock Exchange had planned to suspend physical trading floor operations and move everything to its electronic platform, Arca, following a contingency plan tested in March.

 

However, there has since been a change of heart as the storm barrels down on the US, and everything will be shut down. Nasdaq, Bats and Direct Edge will also close.

 

John Nester, spokesman, SEC, says: "The US equity markets will not be open Monday because of the impending storm. The decision was made by the markets and market participants after careful consideration in consultation with the SEC."

 

According to the BBC, this is the first time since 1985 - and Hurricane Gloria - that stock markets have closed for a full day due to weather.

 

Meanwhile, with New York's public transportation networks also suspended, Wall Street firms, including Goldman Sachs and Citi, are telling employees not to come into work today.

Comments: (1)

A Finextra member | 29 October, 2012, 17:23

Lets hope this storm blows through and everyone is safe. Puts everything into perspective 

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