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New York Stock Exchange will reopen Wednesday

October 31, 2012
THE ASSOCIATED PRESS

NEW YORK - The New York Stock Exchange will reopen for regular trading Wednesday after being shut down for two days because of Hurricane Sandy.

The exchange said in a statement Tuesday that its building and trading floor are fully operational and that normal trading will resume at the usual starting time of 9:30 a.m.

There had been erroneous reports Monday that the exchange floor had flooded. Exchange spokesman Ray Pellecchia said the exchange's building did not have any flooding or damage.

Article Photos

AP PHOTO
In this Monday, file photo, the floor of the New York Stock Exchange is empty of traders, as New York's financial district braces for the onslaught of Hurricane Sandy. U.S. markets will remain closed Tuesday, but the New York Stock Exchange said that despite reports that its historic trading floor suffered irreparable damage, no such damage has occurred and that contingency plans are being tested only as a safety measure. Futures trading will go on until 9:15 a.m. Eastern, but volume is light.

Tuesday marks the first time since 1888 that the NYSE remained closed for two consecutive days because of weather. The earlier shutdown was caused by a massive snow storm.

Sections of Manhattan were inundated with water Tuesday and power was shut off to millions of people and businesses up and down the East Coast.

Dozens of companies have postponed earnings reports this week because of the storm, but Ford Motor Co. did release results for the third quarter that topped Wall Street expectations.

Ford's revenue fell 3 percent to $32.1 billion because of the economic crisis in Europe and falling sales in South America.

The company exceeded Wall Street's revenue forecast of $31.5 billion largely because of North America, where revenue jumped 8 percent.

 
 

 

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