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The New York Stock Exchange announced it will close its trading floor today but continue to trade electronically, despite fears from some experts that flooding could knock out the underground network of power, phone and high-speed Internet lines that are vital to the nation's financial capital.
Investors are excused for a bit of deja vu. Little more than a year ago, another hurricane prompted transit shutdowns, flooding worries and an evacuation of lower Manhattan. Wall Street then activated contingency plans, though flooding was not as bad as feared. Most trading firms keep alternative sites to ensure a smooth operation, while both the NYSE and Nasdaq keep their servers based in suburban New Jersey. Look for lower volume on the exchanges, though. Firms will not be running fully staffed.
The New York Stock Exchange said it will shut its trading floor starting tomorrow and invoke contingency plans to move all trading to NYSE Arca, its electronic exchange, as Hurricane Sandy heads toward the city.
The NYSE has just released a statement clarifying its hours tomorrow - due to the storm:
•*NYSE TRADING FLOOR TO CLOSE TOMORROW; ALL TRADING TO BE ON ARCA
So, hold tight as all those low-lying humans will have left the building in the calm thoughtful hands of Johnny-5 and his friends.
Reuters Top News @Reuters
U.S. stock markets will close on Monday, possibly Tuesday as well because of concerns about market integrity - sources
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4m Reuters Top News Reuters Top News @Reuters
More: Decision to close U.S. stock markets come because of concerns about market integrity - source #breaking
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4m Reuters Top News Reuters Top News @Reuters
U.S. stock markets to close Monday, may also close Tuesday, according to sources. #breaking