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Hurricane Sandy forces NYSE and Nasdaq shutdown Hurricane Sandy forces NYSE and Nasdaq shutdown
(about 3 hours later)
The New York Stock Exchange will be closed on Monday and provisionally on Tuesday as a safety precaution as the city prepares for the arrival of Hurricane Sandy.The New York Stock Exchange will be closed on Monday and provisionally on Tuesday as a safety precaution as the city prepares for the arrival of Hurricane Sandy.
The exchange said the hurricane would "make it extremely difficult to ensure the safety of our people".The exchange said the hurricane would "make it extremely difficult to ensure the safety of our people".
The technology-heavy Nasdaq exchange will also close on Monday.The technology-heavy Nasdaq exchange will also close on Monday.
This is the first time in 27 years the stock markets have closed for a full day due to adverse weather.This is the first time in 27 years the stock markets have closed for a full day due to adverse weather.
In September 1985, Hurricane Gloria forced a market shutdown.In September 1985, Hurricane Gloria forced a market shutdown.
Hundreds of thousands of people in the city have been ordered to leave their homes as the storm approaches.Hundreds of thousands of people in the city have been ordered to leave their homes as the storm approaches.
Some of New York's financial district is in the evacuation zone and major banks such as Goldman Sachs and Citigroup have told staff not to go into work. The closure of New York's transport system means many employees would not be able to get to work in any case.
Google has had to cancel an event in the city at which it was expected to launch its latest smartphone, the Nexus 4.
Air France, British Airways and Virgin Atlantic have also grounded all flights to East Coast cities.Air France, British Airways and Virgin Atlantic have also grounded all flights to East Coast cities.
'Extremely difficult''Extremely difficult'
"In consultation with other exchanges and market participants, NYSE Euronext will close its markets on Monday, 29 October, 2012 and pending confirmation on Tuesday, 30 October, 2012," the exchange said in statement."In consultation with other exchanges and market participants, NYSE Euronext will close its markets on Monday, 29 October, 2012 and pending confirmation on Tuesday, 30 October, 2012," the exchange said in statement.
"We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority."We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority.
"We will work with the industry to determine the next steps in restoring trading as soon as the situation permits.""We will work with the industry to determine the next steps in restoring trading as soon as the situation permits."
Nasdaq said it had made the decision to close "in consultation with other US exchanges, government officials and regulators - including the Securities and Exchange Commission.Nasdaq said it had made the decision to close "in consultation with other US exchanges, government officials and regulators - including the Securities and Exchange Commission.
"The continuity of our markets and a variety of factors related to Hurricane Sandy's movement up the Eastern Seaboard were considered, including the state of emergencies declared by New York City, New York State and other state and local governments.""The continuity of our markets and a variety of factors related to Hurricane Sandy's movement up the Eastern Seaboard were considered, including the state of emergencies declared by New York City, New York State and other state and local governments."
The securities industry association, which represents those who trade financial products such as bonds, recommended that trading end early on Monday, at 12:00 EST.
The East Coast is bracing itself for winds of 75mph and a potential "life-threatening" flood to the Mid-Atlantic coast.The East Coast is bracing itself for winds of 75mph and a potential "life-threatening" flood to the Mid-Atlantic coast.
Several states have declared emergencies, with tens of millions of people affected as schools are closed and transport services suspended.Several states have declared emergencies, with tens of millions of people affected as schools are closed and transport services suspended.
States of emergency have been declared in Maryland, New York, Pennsylvania, Virginia, Washington DC and a coastal county in North Carolina.States of emergency have been declared in Maryland, New York, Pennsylvania, Virginia, Washington DC and a coastal county in North Carolina.