back to business
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.
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:
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.
The New York Stock Exchange will open for trading tomorrow regardless of inclement weather related to Hurricane Sandy, according to a press release from NYSE Euronext.
While the exchange suspended operations on the physical trading floor, all NYSE-traded securities will be trading electronically. The exchange hasn’t determined when it will reopen its physical trading Read More
“Sorry” doesn’t help: Is anybody happy with Nasdaq’s plan to dole out $40 million in cash payments and future discounts to compensate market participants for losses suffered during the technical glitches that delayed trading in Facebook stock on May 18? The New York Stock Exchange cried foul, arguing that Nasdaq’s plan “is tantamount to forcing Read More
Nearly three weeks later, Nasdaq got around to explaining how it plans to compensate investors who suffered losses due to delays processing Facebook trades on May 18, the day Zuck & Co. rung in their IPO. There’s some interesting stuff here:
As previously noted, the exchange intends to distribute $13.7 million directly to investors—the Read More
While Facebook dominated the news, Warren Buffett’s secretive investment banker slipped into a New York courthouse. That and more in today’s Wall Street roundup.
Falling out? NYSE Euronext approached Facebook yesterday about listing the company’s stock on the New York Stock Exchange, a move which would be a bigger blow to Nasdaq than any punishment regulators dole out for bungling the first day in Facebook trading.
Occupy Wall Street
Occupy Wall Street grows more inventive with each new protest action and the movement’s latest tactic may be well-suited to many who have, until now, followed events passively via the Internet: protesters are sacked out tonight on sidewalks not far from the New York Stock Exchange. What’s more, the concrete naps of the disaffected may have more legal protection than a tent in Zuccotti Park:
Update: It looks like some members of Anonymous were able to take the website for the New York Stock Exchange offline for approximately two minutes. No trading was affected. A compromise, or just a failed mission? Also, what about the “no hacking on a holiday” rule??
Watch out, New York Stock Exchange! You are the next target of the hacker group Anonymous, according to a YouTube video that went up October 5th. That would be the day of Occupy Wall Street’s Megamarch, though the latter group has tried to distance itself from the hacktivist community.
Last week, on the floor of the New York Stock Exchange, only days after NYSE Euronext announced its planned merger with the Deutsche Boerse, three Green Bay Packers on a post-Super Bowl press junket arrived to ring the closing bell. The football players entered in suits and ties, dwarfing those around them in stature and Read More