Valdosta Daily Times

Top News

October 29, 2012

NYSE to trade electronically today, shut floor

NEW YORK — The New York Stock Exchange and the NYMEX are shutting their trading floors in New York Monday as Hurricane Sandy bears down on the Big Apple.

But trading will continue electronically on both exchanges.

NYSE Euronext said Sunday it is putting in place its contingency plans beginning Monday and will announce later when the trading floor will reopen.  

The New York Mercantile Exchange, a commodity futures exchange, also will be shutting on Monday its trading floor which is located in a mandatory evacuation zone. The CME Group, which owns NYMEX, said all electronic markets will open at their regularly scheduled times.

The moves come as Hurricane Sandy causes the shutdown of transportation systems throughout the region. Governor Andrew Cuomo said New York City’s subways and buses will shut down Sunday evening. New York City Mayor Michael Bloomberg ordered residents to evacuate some low-lying areas Sunday and said city public schools will close Monday.

Trading can still go on even without people yelling orders to buy and sell across the floor of the exchange because many orders on the NYSE are already handled electronically. On Monday, securities normally handled on the NYSE will shift to the purely electronic NYSE Arca.

The servers that handle all of the exchange’s transactions are housed in Mahwah, N.J.

Trading has rarely stopped for weather. A blizzard led to a late start and an early close on Jan. 8, 1996, according to the exchange’s parent company, NYSE Euronext. The NYSE shut down on Sept. 27, 1985 for Hurricane Gloria.

Since the Great Depression, the longest suspension in trading at the NYSE occurred after the attacks on the World Trade Center on Sept. 11, 2001, when the exchange closed for four days.

Sandy, a Category 1 hurricane with sustained winds of 75 mph as of Sunday afternoon, was blamed for 65 deaths in the Caribbean before it began churning up the Eastern Seaboard. It was expected to hook left toward the mid-Atlantic coast and come ashore late Monday or early Tuesday, most likely in New Jersey, colliding with a wintry storm moving in from the west and cold air streaming down from the Arctic.

Forecasters said the monster combination could bring close to a foot of rain, a potentially lethal storm surge and punishing winds extending hundreds of miles outward from the storm’s center. It could also dump up to 2 feet of snow in Kentucky, North Carolina and West Virginia.

 

1
Text Only
Top News
  • Palestinian rivals to try again for unity deal

    Rival Palestinian factions Hamas and Fatah agreed Wednesday to form a unity government and hold new elections — a potentially historic step toward mending the rift that has split their people between two sets of rulers for seven years.

    April 24, 2014

  • Obama administration weighs clemency for inmates jailed for 10 years

    The Obama administration is encouraging many nonviolent federal prisoners to apply for early release — and expecting thousands to take up the offer.

    April 24, 2014

  • Earns Facebook_Stew.jpg Facebook 1Q results soar; CFO to step down

    Facebook’s earnings nearly tripled and revenue grew sharply in the first quarter, surpassing Wall Street’s expectations thanks to an 82 percent increase in advertising revenue.

    April 24, 2014 1 Photo

  • Georgia Gun Bill_Stew.jpg Gun carry rights expanded in Ga. under new law

    Criticized by one group as the “guns everywhere” bill, Georgia took a big step Wednesday toward expanding where licensed carriers can take their weapons, with the governor signing a law that allows them in bars without restriction and in some churches, schools and government buildings under certain circumstances.

    April 24, 2014 1 Photo

  • Clemson Spring Game F_Stew.jpg Clemson’s Swinney won’t change after complaint

    Clemson coach Dabo Swinney said Wednesday he wouldn’t change procedures after the Freedom From Religion Foundation’s letter of complaint expressing concerns about the football program’s connection to the coach’s Christian religion.

    April 24, 2014 1 Photo

  • Today in History

    In 1800, Congress approved a bill establishing the Library of Congress.

    April 24, 2014

  • Michigan affirmative ban is OK, Supreme Court says

    A state’s voters are free to outlaw the use of race as a factor in college admissions, the Supreme Court ruled Tuesday in a blow to affirmative action that also laid bare tensions among the justices about a continuing need for programs that address racial inequality in America.

    April 23, 2014

  • ‘Piles and piles’ of bodies in South Sudan slaughter

    Gunmen who targeted both children and the elderly left “piles and piles” of bodies — many of those in a mosque — in a provincial capital in South Sudan, the U.N.’s top humanitarian official in the country said Tuesday.

    April 23, 2014

  • Obama_Stew.jpg Obama views mudslide scene

    Swooping over a terrain of great sadness and death, President Barack Obama took an aerial tour Tuesday of the place where more than three dozen people perished in a mudslide last month, then mourned privately with those who lost loved ones in the destruction.

    April 23, 2014 1 Photo

  • Wall Street_Stew.jpg Earnings and corporate deals lift U.S. stocks

    Corporate deals and some solid earnings reports propelled the stock market to its sixth straight gain Tuesday.

    April 23, 2014 1 Photo

Top News
Poll

Given the amount of rain recently, what's your favorite “rain” song?

Singing in the Rain
Purple Rain
Have You Ever Seen the Rain?
November Rain
Rainy Night in Georgia
Other
     View Results