Markets closed due to hurricane sandy

Markets closed due to hurricane sandy

Author: TurboD Date of post: 04.07.2017

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If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the BBC website. However, you can change your cookie settings at any time. These are external links and will open in a new window. Hurricane Sandy has severely disrupted dealings in the US, closing stock exchanges and curbing government bond trading. The Federal Reserve Bank of New York was open, but some government bond trading had to be rescheduled.

This is the first time in 27 years the stock markets have closed for a full day due to adverse weather. Some of New York's financial district is in the evacuation zone and major banks such as Goldman Sachs and Citigroup told staff not to go into work. The closure of New York's transport system meant many employees were not able to get to work in any case.

Hurricane Sandy - Wikipedia

The NYSE said the hurricane would "make it extremely difficult to ensure the safety of our people". Although US banks with London offices have effectively moved their activities temporarily from New York to London, the shutdown meant fewer traders in the market.

Sandy shuts down markets for 2nd day; first time since stocks closed due to weather | New York Post

Analysts said this meant there was little reaction to a Commerce Department report on Monday that showed consumer spending grew by a better-than-expected 0. In effect, the hurricane has prompted an unscheduled day off for US financial workers, although the more senior people will still be able to make deals should they wish to or need to. By Ben Thompson Business correspondent, New York. The area around the NYSE is home to some of the world's largest banks and financial institutions and thousands of staff commute there every day.

But the area also lies close to the waterfront of lower Manhattan - the area most at risk from Hurricane Sandy. With the subway and buses shutdown and the bridges and tunnels into Manhattan at high risk of closure, the financial district is effectively in lockdown.

But nonetheless, the authorities pressed ahead with one set of figures as planned. It was encouraging news amid a worrying day for many - figures from the Bureau of Economic Analysis show that personal spending came in much better than expected - climbing 0.

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The closing down of public transport along the US East Coast means millions of people won't be able to get to work. Air traffic to and from the region has also been severely disrupted. President Obama said he was confident that all the preparations to deal with the storm's arrival were now in place, but warned the hurricane would cause many days of severe disturbance.

I am worried about the impact on our economy and on transportation. The election will take care of itself next week. But for the overall economy, damage from the storm is likely to be limited, analysts say, with any economic growth lost in the short term likely to be restored once reconstruction begins.

Stocks of crude oil are adequate and demand for oil could be constrained by limited capacity at refineries. Heating oil and gasoline prices on markets are at record high levels compared to crude oil values. Foreign exchange business was handed over to London and some staff stayed late to cover New York trading hours until the time of the normal handover to Asia. A statement from Citigroup said it would be able to provide its normal range of services to clients: The Federal Reserve Bank of New York said in a statement it was continuing to evaluate market conditions and would make announcements regarding other Federal Reserve operations "as needed".

Duncan Niederauer, chief executive of the NYSE's parent company, NYSE Euronext, told the broadcaster CNBC it was "hard to imagine" that the exchange would open on Tuesday.

There had been fears the hurricane would delay the monthly jobs data, the non-farm payrolls, on Friday, which is the last major update on the state of the economy before the US presidential election next week. Jobs are one of the most important election issues in the US and have been a hotly debated topic between President Obama and his challenger Mitt Romney.

The Bureau of Labor Statistics said it intended to release the October employment report as scheduled on Friday.

markets closed due to hurricane sandy

Labor spokesman Carl Fillichio said in a statement: Google had to cancel an event in the city to promote the launch of its latest smartphone, the Nexus 4. The pharmaceutical giant, Pfizer, is among a number of companies that have postponed earnings reports.

People on the East Coast have been told to brace themselves for winds of 75mph and a potential "life-threatening" flood to the Mid-Atlantic coast. Several states have declared emergencies, with tens of millions of people affected as schools are closed and transport services suspended. These include Maryland, New York, Pennsylvania, Virginia, Washington DC and a coastal county in North Carolina. King Salman has replaced the previous heir to the throne - his nephew - with his year-old son.

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Hurricane Sandy to close US markets for second day 29 October These are external links and will open in a new window Share this with Facebook Share this with Twitter Share this with Messenger Share this with Messenger Share this with Email Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link http: Image caption The New York Stock Exchange is closed because of the weather for the first time in nearly 30 years Hurricane Sandy has severely disrupted dealings in the US, closing stock exchanges and curbing government bond trading.

The New York Stock Exchange and the Nasdaq closed on Monday and will remain shut on Tuesday. In September , Hurricane Gloria forced a market shutdown. At the scene By Ben Thompson Business correspondent, New York. More on this story.

US states begin storm shutdown. New York Stock Exchange. Top Stories Saudi king ousts nephew for son King Salman has replaced the previous heir to the throne - his nephew - with his year-old son. UK Home England N. Ireland Scotland Wales Politics. Business Home Market Data Markets Global Trade Companies Entrepreneurship Technology of Business Business of Sport Global Education Economy.

U.S. markets to remain closed Tuesday - Oct. 29,

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