No need to check up on how your stocks are faring today, maybe even tomorrow. There are larger concerns at play, now that the coming big blow may strike a blow along Wall Street.
U.S. stock and options markets will be closed today, and possibly Tuesday, Reuters reports, “as regulators, exchanges and brokers worry about the integrity of markets and the safety of employees in the face of Hurricane Sandy. Market participants and regulators decided late on Sunday to shut the market, reversing a plan to keep electronic trading going on Monday. Bond markets will remain open, but will close at noon, a trade group said.”
The report continued: “The decision to close stock and options markets came after regulators, exchanges, and dealers discussed the unknowns that would have been tested if the markets opened on Monday …
“The decision to shut down the stock markets came after Wall Street had prepared to open for business on Monday with limited staffing after a mass transit shut-down in New York, booking hotel rooms for key employees and leaning on offices in other cities. Wall Street banks, including Goldman Sachs Group Inc and Citigroup Inc, activated their emergency plans, which many firms put in place after the September 11, 2001, attacks.”