Sandy storm makes stock market close in the U.S. market on Tuesday, October 30, 2012. This is the second day. But market players on Wall Street seeking to open trade at the end of this month, Wednesday, October 31.
As quoted by Reuters, the stock market was closed on Monday due to bad weather for the first time after 27 years. The bond market closed early in the afternoon, the wind and waves from Hurricane Sandy hit the Eastern Seaboard.
Officials two largest stock exchange operator in the U.S., NYSE Euronext (NYX) and Nasdaq OMX Group (NDAQ), said they intend to re-open trade on Wednesday if conditions better. The bond market will be closed again on Tuesday.
Wednesday is an important trading day, as it marks the end of the month, when the price of market participants to manage their portfolios. But New York City is still feeling the effects of the storm on Monday night, so that concerns remain haunted, because storms can cause damage and possible power outages.
Concerns that will test the ability of the market to re-open trade on Wednesday. In addition, the mass transit systems in New York, which is mostly used employees to go to work, nor does it operate. Not yet known when the service will be back to normal.
Far-reaching effects of the closure of the stock market, according to analysts, will result in the loss of tens of millions of dollars in potential revenue from banking and stock trading services.
In fact, some companies suspend quarterly earnings for the period. Several bank branches were closed in the Northeast, while some of them promising to release certain costs in areas threatened by Sandy hurricanes.
Eqecat, a company that measures exposure to catastrophe risks, estimate the impact of the storm could cause insured losses of U.S. $ 5-10 billion. Meanwhile, the economic losses predicted U.S. $ 10-20 billion.
Closing stock trading also threatened the postponement of planned initial public offering (initial public offering / IPO) at least six companies. Meanwhile, Facebook Inc. employees are prohibited from selling shares in the company's social media site, as "locked" in the trade ended.
"If you are out of the market over the past two days, you really start to make some serious financial pressure," said Jim Paulsen, from Wells Capital
image source: bloomberg by Kena Betancourt/EFE/Zuma Press
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