NYSE Closed

October 29, 2012 by  

NYSE Closed, U.S. trading came to a halt this morning and will remain at a standstill tomorrow, as Hurricane Sandy drenches the East Coast. Today’s pause came hours before the massive storm even made landfall, virtually ensuring that the exchanges would remained closed tomorrow. The NYSE and Nasdaq stock exchange hope to reopen Wednesday, after stock and bond exchanges did not open today or ended early.

Originally, the NYSE hoped to shift today’s trading to its electronic NYSE Arca exchange, which is not based near New York. The Nasdaq, already an electronic platform, had intended to stay open as well.

The decision to remain closed came after concerns about the safety of staff brought into Wall Street firms to manage the lighter-than-usual volume. It’s also unknown how Arca would have managed the billions of dollars that trade daily on the NYSE with so little notice. “As sophisticated as electronic systems have become, they have not been completely foolproof, so the markets still have a ways to go in designing a truly optimal trading experience,” says Morningstar analyst Gaston Ceron.

Stopping activity on Wall Street is an unusual occurrence. It is the first time in more than a century that weather stopped activity on Wall Street for more than 24 hours. A blizzard in 1885 forced exchanges closed for two days. And morerecently, the NYSE opened the day after Tropical Storm Irene’s Sunday arrival last year.

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