Hurricane Sandy

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Hurricane Sandy over the U.S. East coast on Monday, Oct. 29, 2012 at 9:10 a.m. EDT -- Credit: NASA GOES Project

Hurricane Sandy is a weather system that forced the shutdown of the New York Stock Exchange, Nasdaq as well as other financial marketplaces such as BATS on Oct. 29, 2012. It was anticipated closings would continue into the week.

CME Group closed its equity index futures and equity futures on options starting at 8:15 a.m. CST and interest rate contracts at 11 a.m. CST.[1] CME also announced the closure of its New York Mercantile Exchange, which houses a trading floor for energies, metals and softs.[2]

The Chicago Board Options Exchange and its sister exchanges CBOE Futures Exchange, C2 Options Exchange and CBOE Stock Exchange were closed on Oct. 29 as well.

A large number of publicly traded firms also delayed the release of their earnings.

The moves came after securities trade group, Securities Industry and Financial Markets Association, urged an early close to markets that included U.S. Treasury products.

Historical Weather-Related Closings

  • The prior weather related closure of the U.S. stock market was in 1985, due to Hurricane Gloria.
  • Hurricane Sandy was the second storm-related closure of the market for two consecutive days, since the Great Blizzard of 1888. That storm left snow drifts, reportedly as high as 40 feet.[3]
  • The stock market closure was the longest since Sept. 11, 2001, when the markets were shuttered for four days after the terrorist attacks in New York.

Resources

References

  1. CME, CBOE, other markets closed for Hurricane Sandy. AP.
  2. Hurricane Sandy forces New York Stock Exchange, financial markets to expand shutdown. AP.
  3. Hurricane Sandy to keep stock markets shuttered Tuesday. NBC Newswires.