In the aftermath of Hurricane Sandy, the Dow Jones Industrial Average (DJI) lay dormant for a second straight day -- the first time this has occurred (for weather-related reasons) since 1888. While a large portion of the East Coast and Midwest are still weathering the storm, the nation's financial center appeared to be spared from any major damage. As a result, the New York Stock Exchange (NYSE) is anticipating business as usual for Wednesday. NYSE/Euronext CEO Duncan Niederauer released a statement noting that employees "have been working diligently to ensure ... a smooth opening."
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"The good news is we are open for business tomorrow," said Schaeffer's Senior Technical Strategist Ryan Detrick. "These past two days have allowed us to get caught up on things, but it's time to get back to business."
"Given it was a slow day, my colleague Joe Bell and I got creative and found a new place for lunch," remarked Detrick. "It was a specialty burger shop and was spectacular. By far, the highlight of my day!"
More of today's big stories:
- Wall Street Rookie Checkup : Yelp Inc (NYSE: YELP ), Michael Kors Holdings Ltd (NYSE: KORS ) and WageWorks, Inc. (NYSE: WAGE ).
- Baidu.com, Inc. (ADR) (NASDAQ: BIDU ) and Royal Caribbean Cruises Ltd. (NYSE: RCL ) were singled out for price-target adjustments today.
- Schaeffer's Quantitative Analyst Chris Prybal examined State Street Corporation's read on global investor confidence .
- Bernie Schaeffer's Expectational Analysis ® can give you an edge in trading.
- Three factors influencing an option's price .
- Examine options data to measure market sentiment toward specific equities .
For a second session, energy and metals futures continued to trade on the electronic platform, despite trading floors being closed due to Hurricane Sandy. Crude for December delivery inched higher by 9 cents, or 0.1 %, landing at $85.63 a barrel.
Gold futures also reversed their recent downtrend, as Hurricane Sandy slowly loosened her grip. By the close, December-dated gold added $3.40, or 0.2%, to settle at $1,712.10 an ounce.
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