Wind, Flood, Rain and Fire: Hurricane Sandy and the Aftermath
Hurricane Sandy slammed into the Eastern seaboard Monday, wreaking havoc across states from Virginia to Maine, killing more than 80 people as of press time, and causing damages of up to an estimated $60 billion.
For the first time since 1888, stock markets (this time, the New York Stock Exchange, Nasdaq and the bond markets) were closed for consecutive days on account of the weather. About 20,000 flights were canceled. New York City’s subway system was flooded, and power went out in Lower Manhattan, the country’s financial nerve center. While the subways sputtered back to limited service on Thursday, power was still out in wide swaths of the country’s largest city.
In non-Sandy-related news, Disney bought Lucasflim for $4.05 billion, and the companies promised a Star Wars 7 release in 2015. Barclays, which was in the news earlier this year for manipulating a key benchmark interest rate, faces a $470 million fine for manipulating California energy markets. Chase, which lost $6 billion earlier this year, sued the boss of the rogue trader who made the bad bets.
And the stock market ticked up on positive economic news, including that the private sector created 158,000 new jobs in October and that consumer confidence was at its highest level since 2008. But investors awaited the October jobs report, initially set to be released Friday morning, though it could be delayed with Sandy’s destruction still hobbling business as usual.
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Image: New Jersey coastline (DVIDSHUB/Flickr)