abc News
Oct 29,2012 7:217am
Sandbags have been placed outside the entrance of the New York Stock Exchange, a visual reminder of the threat from Hurricane Sandy. For the first time since 1985, a major storm has shut down NYSE and Futures trading in New York. A statement says floor and electronic trading have been closed today and a decision about Tuesday will be made later. “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,” says NYSE Euronext, the company that runs the exchange. American Express, JP Morgan Chase, and Citigroup are among many financial companies that decided to close operations in Lower Manhattan. Many of the businesses are in the storm-evacuation zone. Insurance companies, utilities and the airlines are scrambling to deal with Sandy. The storm is expected to cause billions of dollars of losses for businesses and consumers. Sandy could prove far more expensive than Hurricane Irene in 2011. The global insurance industry is better equipped to take a hit than last year, when tornadoes and earthquakes caused major losses. Thousands of flights have been canceled. Because Sandy is such a large and slow-moving storm, it might take days for the airline industry to restore normal service in much of the East. Pfizer and Entergy are among big companies postponing the release of their third-quarter earnings reports because of the hurricane.
Full article:Hurricane Sandy Shuts Down the Stock Market - ABC News
