New York, October 30 (FinanceEnquiry.com) – Wall Street moves its concentration to either markets would be able to start again functioning on October 31- the last trading day of the month, and it is because of Hurricane Sandy that will shut stock markets for a second day on October 30.
Given the weather for the first time in more than two and a half decades, stock markets were shut on October 29. Moreover, the Eastern seaboard was hit by winds and waves from Hurricane Sandy making bond markets to shut untimely, at midday.
As per NYSE Euronext and the NASDAQ OMX Group, the two leading operators of the US exchange, if the circumstances will allow then they aspire to reopen tomorrow. In addition, with traders planning to restart on October 31, the bond markets will also be closed today.
If to believe on the words of Eqecat, a disaster modeling company, then economic losses of $10 billion to $20 billion and insured losses of $5 billion to $10 billion are probable to be caused by the hurricane.
Leaving a number of populace complaining in relation to the state of confusion, participants and regulators of market made a decision late at night on October 28 to close the stock and options markets, turning around a plan to carry on electronic trading going on Monday.
As informed by CME Group Inc (NASDAQ: CME), an exchange operator, then it restarted trading in stock-index and interest-rate futures and options by October 29 evening.
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