Numerous news outlets are reporting that all U.S. equity and derivative exchanges will be closed on Monday due to the the risks associated with hurricane Sandy in the New York area. A decision on Tuesday trading will likely come tomorrow. Here’s Reuters:
(Reuters) – U.S. stock trading will be closed on Monday and possibly Tuesday in response to Hurricane Sandy, NYSE Euronext said late on Sunday.
NYSE Euronext, which runs the New York Stock Exchange, had previously said that electronic trading would remain open and that only the exchange’s trading floor would close.
In a statement, the company said 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 WSJ adds:
Earlier in the day Sunday, exchanges had decided to close their trading floors but stay open for electronic trading. However, exchanges, regulators and trading firms agreed late Sunday to close all U.S. stock markets.
Customers had complained to the exchanges and to the Securities and Exchange Commission that partial closures of the market would be too complicated, according to people with knowledge of the matter.
This is the first time the New York Stock Exchange has closed its trading floor since the Sept. 11, 2001, terror attacks. Trading on the NYSE floor was suspended for four days after the Sept. 11 attacks. It also was suspended on Sept. 27, 1985, due to Hurricane Gloria, which caused an estimated $1 billion in damage along the East Coast.
Here’s a recent radar image of the storm and another with its most likely path over the next two days:
Stay safe out there.
There’s alot of economic data and earnings reports due out over the next 2 days. We’ll update on the site when we hear how those will be handled.