Hurricane Sandy Causes First Stock Market Closure in 27 Years
Hurricane Sandy, which moved up the East Coast to hit the Northeast with a vengeance this October, is to blame for the first weather-related closure of the United States stock market in 27 years.
The New York Times Dealbook reports that before the storm hit New York City, the New York Stock Exchange, Nasdaq and trade association for bond trading closed trading on Monday. And mid-day Monday, they extended the closure to Tuesday. “Representatives for the exchanges emphasized that the safety of their employees was paramount, relying on skeleton crews to run critical operations,” The Times says.
While the economic impact of the storm isn’t yet clear, between the 9,000 canceled flights, the shutdown of major stores and small businesses in the area, and the rush to buy supplies before the storm, many news outlets expect that it will be considerable.
And while European markets remain open, the impact of the closed American markets hasn’t gone unnoticed.