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article imageHurricane Sandy's impact felt on Wall Street

By Greta McClain     Oct 28, 2012 in World
New York - For the first time in nearly 3 decades, the New York Stock Exchange (NYSE) will close its trading floor tomorrow because of weather.
NYSE Euronext issued a statement on Sunday which said in part:
"Respecting the actions taken by New York City and State officials to declare a state of emergency, suspend local New York City transportation beginning this evening....NYSE Euronext has decided to suspend physical trading floor operations and invoke its contingency plans to trade all NYSE-listed securities on NYSE Arca."
Trading on the NYSE floor has only been suspended once due to weather. When Hurricane Gloria crashed into Long Island in 1985, the NYSE shut down on March 27 for one day. A January 1996 blizzard led to a late start and an early close according to the Huffington Post. The exchange was closed for four days following the 9/11 attacks, the longest shut down period since the Great Depression.
According to the Economic Times, Manhattan's Battery Park City, which is located very near Wall Street and the NYSE, is among the at-risk zones that is under a mandatory evacuation order.
As workers began stacking sandbags around the NYSE and other Lower Manhattan banks and brokerages, officials were testing contingency plans and preparing to operate with only skeleton crews. Cranes could also be seen laying concrete barricades around the Goldman Sachs Group headquarters.
Dan McMahon, director of equity trading at Raymond James Financial Inc. in New York, told Business Week:
“We have enough people who live in Manhattan proper to have some staff and some people are staying in hotels. It doesn't make any sense given Governor Cuomo’s announcement that we encourage people to come in to the city.”
According to Sunday's statement, the re-opening of physical trading floor operations will depend on weather conditions and city and state orders.
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