Wall Street Still Dark, Exchanges Test Systems

NEW YORK (AP) --€” With large portions of lower Manhattan still dark early Tuesday, U.S. stock exchanges said they were testing contingency plans to ensure trading resumes as soon as possible this week after Hurricane Sandy smashed into the East Coast.

U.S. markets will be closed for a second day, but the New York Stock Exchange said that despite reports that its historic trading floor suffered irreparable damage, no such damage has occurred and that contingency plans are being tested only as a safety measure.

The measures would push the opening and closing auctions to the electronic NYSE Arca system.

Futures trading will go on until 9:15 a.m. Eastern Tuesday, but volume is light.

Dow Jones (INDEX: ^DJI  ) industrial futures fell 21 points to 13,033. The broader S&P futures gave up 0.6 points to 1,407. Nasdaq futures slipped 7.75 points to 2,651.25.

Officials with the NYSE and Nasdaq say they plan to open on Wednesday, though portions of southern Manhattan were inundated with water.

Tuesday marks the first time since 1888 that the NYSE remained closed for two consecutive days due to weather.

Dozens of companies have postponed earnings reports this week because of the storm, but Ford Motor (NYSE: F  ) did release results for the third quarter that topped Wall Street expectations.

Ford's revenue fell 3 percent to $32.1 billion because of the economic crisis in Europe and falling sales in South America. The company exceeded Wall Street's revenue forecast of $31.5 billion largely because of North America, where revenue jumped 8 percent.

Global markets rebounded Tuesday though trading was subdued in the wake of the storm that pounded Wall Street, in addition to a broad swath of the East Coast.

In Europe, the FTSE 100 (INDEX: ^FTSE  ) index of leading British shares was up 0.7 percent at 5,835 while Germany's DAX rose 0.9 percent to 7,266. The CAC-40 in France was 0.8 percent higher at 3,436.

Earlier in Asia, trading was mixed.

Japan's Nikkei 225 index fell 1 percent to close at 8,841.98.

South Korea's Kospi index rose 0.4 percent to 1,899.58 but Hong Kong's Hang Seng index fell 0.4 percent to 21,428.58. Benchmarks in mainland China also rose.

Crude oil prices rose 50 cents to $86.04 Tuesday in electronic trading on the New York Mercantile Exchange.

The Motley Fool owns shares of Ford. Motley Fool newsletter services recommend Ford. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2083934, ~/Articles/ArticleHandler.aspx, 4/18/2014 2:47:43 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement