New York Stock Exchange to reopen Wednesday

American equity markets will reopen on Wednesday after two days of closures due to Hurricane Sandy. 

The New York Stock Exchange (NYSE) and NASDAQ announced Tuesday that business will return to normal.

Bond markets, following the recommendation of the Securities Industry and Financial Markets Association (SIFMA), have also been closed since noon on Monday. SIFMA on Tuesday recommended they reopen on Wednesday as well. 

NYSE said that “trading will commence on the New York Stock Exchange at 9:30am under normal opening procedures, and the NYSE Euronext building and trading floor are fully operational.” 

The exchange also quashed the rumors on social media about flooding on the trading floor.

“Our building and systems were not damaged and our people have been working diligently to ensure that we have a smooth opening tomorrow. Our thoughts and prayers remain with the families and communities suffering in the wake of this terrible natural disaster,” said Duncan Niederauer, CEO of NYSE Euronext.

NASDAQ said its “decision to open for business on Wednesday was made in consultation with regulators, including the Securities and Exchange Commission (SEC), other U.S. exchanges and government officials. Safety, market continuity and a variety of other factors related to Hurricane Sandy were carefully considered.”

The two days of stock market closures will have contributed to the  economic damage from Hurricane Sandy when the final tally is made.

EQECAT, which monitors events affecting the insurance industry, estimated $10 billion to $20 billion in total damages, with about half of that insured.

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