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Markets to shut for second day

Stock trading will be closed in the United States for a second day as Hurricane Sandy bears down on the east coast.

The last time the New York Stock Exchange was closed for weather was in 1985, because of Hurricane Gloria, and it will be the first time since 1888 that the exchange will have been closed for two consecutive days because of weather. Bond trading will also be closed on Tuesday.

The New York Stock Exchange and Nasdaq said they intend to reopen on Wednesday and would keep investors updated.

Areas around New York's Financial District were part of a mandatory evacuation zone. The storm surge is already pushing water over seawalls in the southern tip of Manhattan.

CME Group's New York trading floor was closed, but its electronic markets for commodities were functioning. Crude oil fell 74 cents to close at 85.54 dollars (£53.34) in electronic trading. CME said electronic trading for commodities would also be open on Tuesday.

CME said it would reopen its stock index futures trading for overnight electronic trading and keep it open until 9.15am local time on Tuesday.

Trading on interest rate futures and options on futures including Treasurys, Eurodollar and Fed Funds would reopen at the same time and stay open on Tuesday. Bond trading will be closed on Tuesday.

The uncertainty generated by the storm comes at the start of a big week in the United States. This is the last full week before next Tuesday's presidential election and culminates on Friday with the release of monthly jobs data, which many analysts think could have an impact on the vote.

"A significant swing in either direction is likely to be heavily reported in the media, potentially swinging the undecided voter," said James Hughes, chief market analyst at Alpari, of the jobs figures.

Some companies are postponing quarterly earnings reports scheduled for release early this week. York Stock Exchange)


From Belfast Telegraph