Hurricane Sandy Stock Exchange Close: NYSE and NASDAQ Closed for Two Days? Not Since 1888
The New York Stock Exchange has closed its trading floors in preparation for Hurricane Sandy.
The city that never sleeps was officially unplugged after the NYSE said in a statement late Sunday night that trading floors will be shut down on Monday and in all likelihood, Tuesday as well. NASDAQ, responsible for technology stocks, also stated that it would be shutting its doors.
"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 NYSE said in a statement.
Get Our Latest News for FREE
After some consideration, the company also decided to close down business electronically, in addition to closing down trading floors. The NYSE has not been shut down for weather conditions since the 1985 storm brought on by Hurricane Gloria. Prior to that, a snowstorm in 1969 brought business to a halt.
"If the exchange remains close Tuesday, it would be the first consecutive-day closing since 1888, when a blizzard left drifts of snow as high as 40 feet," a Fox News report announced.
The NYSE is located in downtown Manhattan, where many mandatory evacuations have been announced. Other downtown businesses, such as American Express, will remain closed on Monday although Goldman Sachs stated that it would remain open. Most employees at the company who work in the New York are have been permitted to work from home. However, according to a CNN Money report, those "deemed critical to the operation of the firm," have been asked to go in to the office.
A number of other companies also announced that they would delay earning reports including: Acorda Therapeutics Inc., Pfizer Inc., Thomson Reuters and NRG Energy Inc.
Hopes that the storm would change course were thwarted on Monday as Sandy approached a predicted path toward Washington, Baltimore, Philadelphia and New York.
