The New York Stock Exchange and the NASDAQ will be closed Monday, and possibly even Tuesday, due to Hurricane Sandy, which is currently aiming for the East Coast.
NYSE Euronext said it made this decision in consultation with other exchanges and market participants. "We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority," the company said in a statement. "We will work with the industry to determine the next steps in restoring trading as soon as the situation permits.
The NYSE had said Sunday afternoon that it would keep the market open, invoking its contingency plan and trade electronically.
Trading has rarely stopped for weather. The NYSE shut down on March 27, 1985 for Hurricane Gloria. The last time it was closed was after the September 11 attacks.
The NASDAQ also said it made its decision in consultation with several other entities, and that all other NASDAQ OMX exchanges outside the U.S. will be open for business on Monday and Tuesday as scheduled.
Article Source: http://www.wnyc.org
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