Hurricane Sandy, which made landfall Monday evening, will keep Wall Street closed a second day.
The storm affecting roughly 50 million people as it thrashes the American East Coast kept New York-based markets shut Monday, and the exchanges have confirmed they will remain closed Tuesday – the first time the markets will be closed for consecutive regular trading days since 1888.
Both the New York Stock Exchange and CME, which manages the New York Mercantile Exchange, shut down operations before the storm arrived. Monday marked the first time the financial markets have been shut down other than for a holiday since Sept. 11, 2001. The last time the markets were shut down for a weather event was Hurricane Gloria in 1985.
Prior to Monday, there had been plans to allow electronic trading to go forward. However, with public transportation also being closed, the hazards in getting people into and out of New York City shut down even that option.
With markets shutting down, some major companies that were due to report earnings this week are electing to postpone their announcements. Among those delaying earnings were Acorda Therapeutic (NASDAQ:ACOR), Pfizer (NYSE:PFE), Thomson Reuters (NYSE:TRI) and NRG Energy (NYSE:NRG). All will report later this week.