As Hurricane Sandy made its way up the Eastern Seaboard and
targeted the nation's financial center, trading was suspended for
Dow Jones Industrial Average (DJI)
and other major indexes and exchanges. In fact, because the
potential for greater problems will rise throughout the day and
into tomorrow, the stock exchanges will remain closed on Tuesday,
with hopes to reopen on Wednesday. To appreciate just how much of a
threat Sandy actually is, this marks the first time since 1888 that
Wall Street will be shuttered for two consecutive days due to
weather. "Consider this: the market is closed in the heart of
earnings season and right ahead of the election," noted Schaeffer's
Senior Technical Strategist Ryan Detrick. "This is unprecedented
and really only adds to the high levels of uncertainty already out
And now, a look at the numbers...
Keep reading to see what else was on our radar today:
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Though floor trading was closed in New York, energy and metals
futures continued to trade on the electronic platform. Hurricane
Sandy-induced power outages along the East Coast weighed on
expectations for crude demand, overshadowing supply concerns
stemming from mass refinery shutdowns. Against this backdrop, and
thanks to a strengthening dollar, December-dated oil gave up 74
cents, or 0.9%, to end at $85.54 per barrel.
Likewise, gold futures ended in the red, marking their fourth
down day in five. Hurricane Sandy sent traders seeking safety in
the greenback, which pressured the dollar-denominated commodity's
December contract $3.20, or 0.2%, lower to $1,708.70 an ounce.
At the end of every market day, the staff at Schaeffer's
Investment Research reviews the trading day in detail, covering
major events and key market developments. Don't miss this
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