Markets Closed on Tuesday

Hurricane Sandy brought the financial world to its knees as well, with the stock market closing Tuesday, for the second straight day, in the aftermath of the hurricane. Wall Street worried about whether the markets will open by Wednesday, the last day of trading for the month of October,Β— when traders price portfolios. Economists said the massive storm is unlikely to cause financial damage as severe as 2005’’s Hurricane Katrina, and the damage to the economy should be short-lived. But, economists warned, gross domestic product in the Northeast is about $2.5 trillion, and every day the region is shut down could cost about $10 billion in forgone output.

Source: Reuters

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