The following is an excerpt from the NBC News wire services | October 29, 2012 | msnbc.com |
Updated at 6:30 p.m. ET: For the first time since the Great Blizzard of 1888, U.S. stock markets will be closed for two consecutive days due to weather.
The decision to close financial markets for a second straight day on Tuesday was made during a call between industry executives and regulators on Monday, Reuters said. The New York Stock Exchange and the Nasdaq Stock Market both said they intend to remain closed for business again. The bond market will also remain closed on Tuesday.
The NYSE shuttered its operations on Monday as Hurricane Sandy neared landfall on the East Coast, bringing about the first unplanned shutdown since the September 2001 terrorist attacks.
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NYSE Euronext and Nasdaq OMX Group , the largest two U.S. exchange operators, said they intend to reopen Wednesday, conditions permitting. The bond markets will also close on Tuesday, with traders aiming to reopen on Wednesday.
Wednesday is a key trading day because it marks the end of the month, when traders price portfolios. With New York still to feel the full impact of the storm, fears remained that wind damage and possible power outages could test the ability of markets to reopen. New York’s mass transit system, which most employees use to get to work, also remained shut and it was unclear when service would be restored.
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