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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Wall Street still in the dark

Wall Street still in the dark

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1Wall Street still in the dark Empty Wall Street still in the dark Wed Oct 31, 2012 8:08 am

K.Haputantri

K.Haputantri
Co-Admin
Wall Street still in the dark
October 30, 2012, 8:32 pm
The Island

NEW YORK (AP) — With large portions of lower Manhattan still dark early Tuesday, U.S. stock exchanges said they were testing contingency plans to ensure trading resumes as soon as possible this week after Hurricane Sandy smashed into the East Coast.

U.S. markets will be closed for a second day, 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.

The measures would push the opening and closing auctions to the electronic NYSE Arca system.

Futures trading will go on until 9:15 a.m. Eastern Tuesday, but volume is light.

Dow Jones industrial futures fell 21 points to 13,033. The broader S&P futures gave up 0.6 points to 1,407. Nasdaq futures slipped 7.75 points to 2,651.25.

Officials with the NYSE and Nasdaq say they plan to open on Wednesday, though portions of southern Manhattan were inundated with water.

Tuesday marks the first time since 1888 that the NYSE remained closed for two consecutive days due to weather.

Dozens of companies have postponed earnings reports this week because of the storm.

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