Newspaper article International Herald Tribune

U.S. Markets Set to Reopen after Storm Halts Trading ; Analysts Say Shutdown Won't Leave Lasting Mark on Prices or Volume

Newspaper article International Herald Tribune

U.S. Markets Set to Reopen after Storm Halts Trading ; Analysts Say Shutdown Won't Leave Lasting Mark on Prices or Volume

Article excerpt

The New York Stock Exchange and Nasdaq planned to resume trading Wednesday, and analysts said they expected no long-term effects from the closures.

Wall Street is preparing to reopen for business as New York slowly recovers from Hurricane Sandy.

The New York Stock Exchange and Nasdaq both planned to resume trading Wednesday following the unprecedented storm, which flooded many parts of the city and caused widespread power outages. The market closed for two days as what was left of Hurricane Sandy battered the East Coast, forcing thousands of people to evacuate and causing millions of dollars in damage.

"It's incredibly important to open these markets," said Miranda Mizen, director of equities research at TABB Group. "It says New York is open for business."

The New York Stock Exchange is one of the world's most identifiable symbols of capitalism and its inability to operate is often viewed as a larger statement on stability of U.S. stock markets and the economy.

It is rare for the stock markets to close operations for two days. The last time the New York Stock Exchange did so for weather related reasons was 1888.

After terrorists attacked various American landmarks including the World Trade Center, the Big Board closed for four days. The reopening was heralded around the world as a sign of the strength of the United States.

"Barring any unforeseen circumstances we will be open," said Larry Leibowitz, the chief operating officer of NYSE Euronext, the parent of the Big Board. "We all see the need to get the exchange working as quickly as we can."

On Monday, the New York Stock Exchange battled rumors that the floor was under three feet of water. Mr. Leibowitz, who lives not far from the N.Y.S.E., walked through flooded streets Tuesday morning to get to work, but he said the water stopped about two blocks away from the exchange.

Global markets recovered their poise Tuesday, The Associated Press Reported. In Europe, the FTSE 100 index of leading British shares closed up 1 percent, while Germany's DAX rose 1 percent. The CAC 40 in France finished 1.5 percent higher.

There were strong performances by individual stocks in Europe, not least the oil company BP, which announced a big dividend increase, and UBS, which revealed plans to lay off 10,000 staff. …

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