Markets Halted as Wall Street Endures Hurricane Sandy
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
Keep reading to see what else was on our radar today:
- Earnings season wasn't the only thing impacted by Hurricane Sandy. Several sectors and individual businesses will be motivated by the storm as well.
- Thou shall not (miss this article): 7 Deadly Trading Sins , and How to Atone.
More of today's big stories:
- While Hurricane Sandy leaves her mark , these 6 stocks are likely to be affected .
- A number of companies postponed their quarterly reports due to the looming storm.
- Schaeffer's Senior Technical Strategist Ryan Detrick ponders the bond market .
- With front-month expiration around the corner, Senior VP of Research Todd Salamone talks VIX open interest and potential volatility levels .
- Analysts weighed in on Arch Coal Inc ( ACI ) and Merck & Co., Inc. ( MRK ) .
And, in case you missed it ... 7 Deadly Trading Sins, and How to Atone .
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 critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.