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Rare NYSE, Nasdaq closing Monday for damaging storm

US stock and options markets will shut down Monday as Hurricane Sandy drenches Manhattan. 

Source:
Date:
Updated:
Forbes
Monday, October 29, 2012
Monday, October 29, 2012

10/29/2012 (Forbes) — U.S. stock and options markets will shut down today as Hurricane Sandy drenches Manhattan.

Originally, the NYSE hoped to shift 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 decisions came just before midnight on the East Coast, and officials say they later today will make a decision about whether to stay closed tomorrow.

The shuttering of the two exchanges will halt U.S. stock trading and mark an unusual occurrence; significantly, the move to Arca would have meant the first time that the NYSE operated as an all-electronic exchange. It is the first time in 27 years, for example, that the NYSE will stay closed for weather. The NYSE opened the day after Tropical Storm Irene’s Sunday arrival last year: This time, the major difference is that Hurricane Sandy will hit on a Monday, and transportation will stay offline, a NYSE spokesman told FORBES.

This is an excerpt from Forbes as it appeared on October 29, 2012. For updates or to read the current version of this post in its entirety, please click here.

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Most airports and ports across the islands operational and visitors returning as reported Saturday.

The Prime Minister is touring the Family Islands to assess the damage left in the wake of Hurricane Sandy. Pictured: (Grand Bahama) Prime Minister Perry Christie listens to Era Gibson, a resident of Queen’s Cove, Grand Bahama, while she explains her experience October 28, 2012. (BIS Photo/Peter Ramsay). See more photographs of the destruction after the jump.

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