NYSE Expects Normal Open Wednesday

The New York Stock Exchange (NYX) expects to open as usual tomorrow, saying its facilities were spared when Hurricane Sandy blasted Lower Manhattan with floods and 90- mile-per-hour winds.

The floor and building of the NYSE “are fine,” Robert Rendine, a spokesman, wrote in an e-mail. Executives of the biggest U.S. equity venue expect a normal open, according to Eric Ryan, another spokesman.

U.S. exchanges are in the second day of a shutdown called to safeguard workers as Sandy barreled up the East Coast and forced hundreds of thousands of evacuations in New York City. NYSE Euronext’s building on Wall Street is close to the section of Manhattan that was deluged when the storm propelled a 13-foot sea surge as it came ashore last night.

The NYSE began testing for a back-up plan that would be necessary if storm damage prevented it from reopening the floor tomorrow. Should that be the case, NYSE Arca, its electronic market, would be deemed the primary market for NYSE-listed stocks and the Big Board wouldn’t operate. Firms started to test their systems staring at 9:30 a.m.

Streets outside the exchange at 11 Wall Street were strewn with leaves and branches at 10:30 a.m. New York time, with sandbags still stacked two high around the building. Mailboxes and trashcans were overturned at Broad Street and Beaver Street.

Water had receded from the financial district. Tourists wearing sneakers took pictures and residents walked their dogs around the neoclassic building, which opened in 1903.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell