U.S. markets shuttered as Sandy bears down on East Coast
Investing.com
Published Oct 29, 2012 11:59AM ET
The decision to close equities and options exchanges reversed an earlier plan for businesses to remain open for electronic trading on Monday, following objections from brokers and banks.
Elsewhere, businesses and banks, including Goldman Sachs and Citigroup told employees to work from home as schools and major transport systems remained closed.
A number of U.S. companies announced plans to delay quarterly earnings reports, including pharmaceutical giant Pfizer, financial data and news provider Thomson Reuters and power-plant operator NRG Energy.
Crude oil prices were lower on Monday amid concerns over a build-up in crude supplies after oil refineries on the East Coast shut down or curtailed output as the storm affected operations at two-thirds of the region's plants.
With eight days to go ahead of the U.S. Presidential elections, President Barack Obama cancelled a campaign rally in Orlando, Florida to return to Washington and monitor the government response to the storm.
"My main message to everybody involved is that we have to take this seriously," Obama said. He urged people to "listen to your local officials."
Forecasters said Sandy could be the largest storm to hit the mainland in U.S. history, threatening storm surges, power outages and devastating flooding.
The eye of the storm is expected to move across the coast of mid-Atlantic states by Monday night, the National Hurricane Centre said.
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Written By: Investing.com
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