Certified financial planner Wes Moss provides personal finance advice and accessible investment strategies. His guest post appears here weekly.
Imagine visiting your bank on a weekday morning to make a withdrawal only to be told you could not access your money until further notice. That would cause you some anxiety, wouldn’t it? That’s exactly what happened to investors this past week.
In a rare occurrence, the New York Stock Exchange and other major stock exchanges were closed on Monday and Tuesday thanks to Hurricane Sandy. Flooding, power outages and subway closures made it impossible for Wall Streeters to get to work.
While the vast majority of stock trading is now done electronically, human beings are still critical to that process — no people, no trading. And no trading means no access to your money. Once a skeleton crew was able to reach the Exchange, trading was back up and