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Rediff.com  » Business » Sandy forces shutting of NYSE, Nasdaq for second day

Sandy forces shutting of NYSE, Nasdaq for second day

October 30, 2012 14:52 IST
New York Stock Exchange (NYSE) and Nasdaq remained closed for the second consecutive day, the first time since 9/11, as superstorm Sandy swept across New York City, leaving the Wall Street powerless.

NYSE Euronext and Nasdq OMX Group said they made their decision in consultation with industry executives and regulators, and intend to reopen on Wednesday, conditions permitting.

"In consultation with other exchanges and market participants, NYSE Euronext (NYX) will close its markets in coordination with all U.S. equities, bonds, options and derivatives markets on Tuesday, October 30, 2012," NYSE said in a statement. This follows the closure of US markets yesterday.

"We Intend to re-open our US markets on Wednesday, October 31, 2012, conditions permitting."

This is the first time since 1888 that the exchange has been closed for two consecutive days because of weather. Bond markets, which closed yesterday, will not reopen today, a trade group said.

US stock exchange operators are preparing to test a new contingency plan to ensure domestic equity trading restarts this week, Wall Street Journal reported.

The contingency plan was described as "precautionary" given the unpredictability of the storm that killed at least 13 people and caused a power plant explosion, besides uprooting trees, power lines and plunging much of Manhattan in darkness.

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