By Patrick Clark 10/31/12 9:41am

back to business

U.S. Stock Exchanges Open for First Time Since the Storm

U.S. markets opened this morning after halting trading on Monday and Tuesday due to the raging storm.

At the Nasdaq, Times Square Alliance President Tim Tompkins was scheduled to ring the opening bell, signaling the resumption of business as usual—we hope. The New York Stock Exchange, which hadn’t closed for two consecutive days due to weather since 1888, was also set to open.

“Our building and systems were not damaged and our people have been working diligently to ensure that we have a smooth opening,” NYSE Euronext CEO Duncan Niederauer said in a statement.

But good intentions are no guarantee of positive results. The Times reported yesterday that the New York Stock Exchange was experiencing “connectivity problems,” while the Journal reported criticisms of the exchanges inadequate preparations for extreme events such as severe weather or terrorist attacks. Read More

By Patrick Clark 10/29/12 1:51pm

rained out

padma2

New York Stock Exchange Closed Tomorrow; Padma Lakshmi Not Ringing Nasdaq’s Bell

The New York Stock Exchange will be closed again tomorrow, according to a press release posted on the NYSE Euronext website.

As previously reported, the exchange initially planned to close its physical trading floor and open on electronic systems as Hurricane Sandy battered New York City today. That decision was reversed late last night. Minutes ago, the exchange said it would remain closed tomorrow, along with other U.S. markets: Read More

By Patrick Clark 10/29/12 7:51am

considering sandy

NYSESecurity

On Second Thought, Stock Exchanges Closed for Storm

In the end, U.S. stock markets decided to heed the storm.

The New York Stock Exchange had planned to open trading electronically while shuttering its physical trading floor. “We are open for business and at the same time acting in accordance with actions taken by the city and state of New York,” said NYSE CEO Duncan L. Niederauer said in a release yesterday afternoon.

But NYSE reversed course  last night, announcing it would halt operations completely. The exchange is closed today, and may close tomorrow, “pending confirmation,” according to a release.

Nasdaq is also closed today; “it is likely that the markets will be closed” tomorrow, the exchange said in a release.

Bond markets will open, but the Securities Industry and Financial Markets Association recommended that markets close at noon today. Read More

By Patrick Clark 9/07/12 7:03am

Morning Read

ECB Board Approves Bond-Buying Plan; Falcone Battles With LightSquared Creditors: Roundup

European Central Bank President Mario Draghi won wide support from his board for a plan to buy the sovereign debt of euro zone countries. Rates on Spanish 10-year bonds promptly fell to levels last seen in May, and the corresponding Italian bond fell to its lowest since April.

LightSquared, the wireless broadband company backed by Harbinger Capital founder Phil Falcone, is battling with creditors over control of the firm’s bankruptcy, according to Bloomberg. LightSquared has asked a judge to extend a deadline to file a Chapter 11 plan; the creditors say, “Having nothing to lose, Mr. Falcone wants to pursue a high-risk, high-return strategy.” Read More

By Patrick Clark 7/23/12 8:23am

Morning Read

Libor Arrests Said to be Near; Nasdaq Sweetens Refund for Facebook Flop: Roundup

Libor arrests: U.S. and European regulators are on the verge of arresting traders believed to have manipulated Libor and other interbank lending rates, Reuters reports. The arrests, and criminal prosecutions or plea agreements to follow, are largely separate from enforcement actions regulators are pursuing against individual banks.

Soft tactics: The Federal Reserve Bank of Read More