Wall Street back in business after storm shutdown

Source: AP-Excite

By BERNARD CONDON and STEVE ROTHWELL

NEW YORK (AP) - The New York Stock Exchange will open on Wednesday - because it had to open.

In a bit of welcome news for fund managers, investors and even the economy, the company that operates the iconic exchange at 11 Wall Street announced it would not extend its trading shutdown to a third day.

Wall Street experts had feared that another delay because of Hurricane Sandy would have meant a dangerous back-up of customer orders to buy and sell stock. It also could have dealt a blow to the image of U.S. markets, already damaged by investor distrust, sudden market swings and a series of trading glitches, including the botched IPO of Facebook.

"The world is used to seeing the financial markets through the lens of the floor of New York Stock Exchange," said Larry Leibowtiz, chief operating officer of NYSE Euronext, which operates the exchange. "It gives them a sense of comfort."

FULL story at link.


Read more: http://apnews.excite.com/article/20121031/DA287C180.html

---

The streets surrounding the New York Stock Exchange are deserted as financial markets remain closed for the second day due to superstorm Sandy, Tuesday, Oct. 30, 2012. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses. (AP Photo/Richard Drew)