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Hurricane Sandy: US markets to remain closed on Tuesday Hurricane Sandy: US markets to remain closed on Tuesday
(about 1 hour later)
US stock markets are to be shut again on Tuesday as Hurricane Sandy continues to disrupt business activities. Hurricane Sandy has continued to disrupt business in the US East Coast, including forcing US stock markets to close again on Tuesday.
Both the New York Stock Exchange and the Nasdaq exchanges said they will remain closed on Tuesday, the first time trading has shut for two consecutive days due to weather since 1888. Sandy has flooded subway and road tunnels in much of Lower Manhattan.
But both plan to reopen on Wednesday. Beyond New York City, public transport has been halted in several eastern US cities, and thousands of flights have been grounded.
NYSE said that its famed trading floor - based close to the major flooding in Lower Manhattan - remained undamaged. The total damage is already estimated at between $10bn and $20bn (£6bn-£12bn).
It is the longest closure since 9/11 and the first time the weather has shut the stock markets for two consecutive days since 1888.
Sandy threatens an 800-mile (1,290-km) swathe of the US, from the Atlantic Ocean to the Great Lakes in the Mid-West and killed 66 people in the Caribbean last week before pounding the East Coast of the US.
The storm has closed thousands businesses and severely shut down the infrastructure of the nation.
In New York, the US financial capital, an explosion at a sub-station caused power outages and darkened most of downtown Manhattan as well as Westchester County and affected more than 650,000 customers, power company Consolidated Edison said.
"This is the largest storm-related outage in our history," said John Miksad, Con Ed's senior vice president for electric operations.
'Income lost'
Roan Kirby, a farmer in Hope, New Jersey, told the BBC he has had to shut his farm down during the storm.
"I see no mention of the impact on farmers," he said.
"It is easy to forget livestock, stored crops and buildings that are at great risk. If trucks cannot get through to pick up milk at the farms and if the processing plants are affected, milk supply will surely be affected. Milk will have to be disposed of on the farm if it cannot be collected, which will mean a huge loss of income."
Both the New York Stock Exchange and the Nasdaq exchanges said they would remain closed on Tuesday, but both plan to reopen on Wednesday. NYSE said that its famed trading floor - based close to the major flooding in Lower Manhattan - remained undamaged.
Wednesday is a key trading day because it is the last day of the month, when traders price their portfolios.Wednesday is a key trading day because it is the last day of the month, when traders price their portfolios.
Sandy has caused a record surge of seawater in New York City, flooding subway and road tunnels and plunging much of Lower Manhattan into darkness. Sandy killed 66 people in the Caribbean last week before pounding the East Coast of the US. Bond trading is also suspended.
The total damage is estimated at between $10bn and $20bn (£6bn-£12bn) - not including the cost to the government for aid and clean-up. In Europe, shares in Swiss Re rose 1.3% and Munich Re shares were also higher. The two companies are reinsurers - they insure insurers, who will have to pay out a large amount to businesses and individuals affected by Sandy.
The continued closure of public transport along the US East Coast means millions of people won't be able to get to work. Air traffic to and from the region has also been severely disrupted. The continued closure of public transport along the US East Coast means millions of people won't be able to get to work.
"The New York City subway system is 108 years old, but it has never faced a disaster as devastating as what we experienced last night," said the head of the subway system, Joseph Lhota. Air traffic to and from the region has also been severely disrupted and nearly 14,000 flights were cancelled, potentially hurting airlines that were already struggling in the weak economy.
Amtrak has suspended passenger train services across the north-east.
The UN headquarters in New York is also to stay closed, while public transport was suspended in Washington DC, New York, Baltimore, Philadelphia and Boston.The UN headquarters in New York is also to stay closed, while public transport was suspended in Washington DC, New York, Baltimore, Philadelphia and Boston.
Amtrak has suspended passenger train services across the north-east, while nearly 14,000 flights were cancelled, according to Flightaware.com.