Financial News Update: Wall Street Reopens After Hurricane Sandy with Mixed Results

| October 31, 2012 | 0 Comments

Stocks opened to mixed results Wednesday after U.S. financial markets opened smoothly for their first trading session post-Sandy. The Dow Jones industrial average and S&P 500 index opened higher, but then joined the Nasdaq composite in heading lower before noon ET.

Like many other businesses in New York City right now, the The New York Stock Exchange had to operate using a power  generator because of the storm.

The 48 hour disruption in trading came at a bad time for stocks as investors were in the process of figuring out the mostly disappointing earnings results. With more than half the companies in the S&P 500 stock index reporting results, growth was coming in at just 1.1%, worst showing since the third quarter 2009, says S&P Capital IQ. Just 36% of companies in the S&P 500 have beaten revenue forecasts, well below the 56% that usually do.

This will be a big day for Facebook as well. Today will also be the first day that Facebook employees will get a chance to dump the stock they own in the company. What the employees decide to do will speak a lot about Facebook. Since their Initial Public Offering, the stock has been tumbling leading many to speculate if Facebook was the strong company that many expected.

Either way, all eyes will be on Wall Street as the numbers come in throughout the day. We at HHE are watching how this hurricane will further impact the economy as damages have already been estimated at costing over 50 billion dollars. The repairs after all is said and done will double if not triple.

CNN.com

 

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