Storm hits, puts pause on markets

The Associated Press

NEW YORK — Stock trading will be closed in the U.S. for a second day Tuesday as Superstorm Sandy bears down on the East Coast. Bond trading will also be closed.
The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria, and it will be the first time since 1888 that the exchange will have been closed for two consecutive days because of weather. The cause then was a blizzard that left drifts as high as 40 feet in the streets of New York City.

The New York Stock Exchange and Nasdaq said they intend to reopen on Wednesday and would keep investors updated.

CME Group’s New York trading floor was closed, but its electronic markets for commodities were functioning.

Bond trading will be closed Tuesday. The Securities Industry and Financial Markets Association called for an early close to bond trading at noon Monday.

The uncertainty generated by the storm comes at the start of a big week in the United States. This is the last full week before next Tuesday’s presidential election and Friday will see the release  of monthly jobs data, which many analysts think could have an impact on the vote.