Sandbags protect an entrance of the New York Stock Exchange on Oct. 29, 2012. Photographer: Richard Drew/AP Photo
U.S. stock and options markets will shut down today as Hurricane Sandy drenches Manhattan.
Originally, the NYSE hoped to shift trading to its electronic NYSE Arca exchange, which is not based near New York. The Nasdaq, already an electronic platform, had intended to stay open as well. The decisions came just before midnight on the East Coast, and officials say they later today will make a decision about whether to stay closed tomorrow.
The shuttering of the two exchanges will halt U.S. stock trading and mark an unusual occurrence; significantly, the move to Arca would have meant the first time that the NYSE operated as an all-electronic exchange. It is the first time in 27 years, for example, that the NYSE will stay closed for weather. The NYSE opened the day after Tropical Storm Irene’s Sunday arrival last year: This time, the major difference is that Hurricane Sandy will hit on a Monday, and transportation will stay offline, a NYSE spokesman told FORBES.