Weathering! Wall Street Closed Today In The Wake Of Hurricane Sandy

| October 30, 2012 | 0 Comments

Stock Markets in the US will be closed again on Tuesday due to Hurricane Sandy. The New York Stock Exchange, the Nasdaq stock market and BATS Global Markets said in separate statements that they had agreed to close, after consulting with other exchanges and clients. The N.Y.S.E. added that it planned to operate on Wednesday, pending developments in weather conditions.

The stoppage is the first time the markets have been closed for consecutive days because of weather since a blizzard forced the N.Y.S.E. to close for two days in 1888. And it remained the first unscheduled market closure since the Sept. 11 terrorist attacks. Over all, a second day of closed markets could have a relatively limited effect on trading when business resumes, according to Larry Tabb, the founder and chief executive of the Tabb Group, a financial research firm.

An extended halt in trading could create demand among traders that might lead to some higher volatility, he said. That could mean stocks of companies like insurers could see swings in their prices. But he predicted a short-lived effect on the markets overall.

Sam Stovall, the chief equity strategist for Standard & Poor’s Capital IQ, said Hurricane Sandy would most likely not have a lasting effect on market performance.

“History says that hurricanes typically don’t trigger market declines,” Mr. Stovall wrote. “Equities are more likely driven by wider-reaching global events than localized natural disasters.”

Representatives for the exchanges emphasized that the safety of their employees was paramount, relying on skeleton crews to run critical operations.

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