News / Economy

After Sandy, Wall Street Closed for 2nd Day

After Sandy, Wall Street Closed for 2nd Dayi
|| 0:00:00
X
October 31, 2012 12:08 AM
A day after Hurricane Sandy caused severe flooding and power outages to more than 7 million customers in the Northeastern United States, officials in the hard-hit New York metropolitan area are assessing the damage. Jeff Swicord reports on the impact of closing Wall Street for two days.

After Sandy, Wall Street Closed for 2nd Day

Jeff Swicord
A day after Hurricane Sandy caused severe flooding and power outages to more than 7 million customers in the Northeastern United States, officials in the hard-hit New York metropolitan area are assessing the damage. Jeff Swicord reports on the impact of closing Wall Street for two days.

Major U.S. stock and bond markets were closed again on Tuesday, a day after Hurricane Sandy swept through New York City.   

The area around Wall Street was part of a mandatory evacuation zone, and with the storm surge, water rose above seawalls - flooding streets in lower Manhattan.  

This is the first time since 1888 that bad weather forced the New York Stock Exchange to close for two consecutive days.

The timing of the storm could be difficult for Wall Street.  At the end of each month, fund managers price their portfolios for clients.   

Market analyst Michael Farr, author of The Arrogance Cycle, says losing two days of trading can make it difficult to assess the real value of stocks and mutual funds.

“They have to be priced with real market-time prices.  If you don’t have a real market print you have to show the last close.  So you really don’t get an accurate sense," said Farr.

Experts say closing the stock market can have an impact on world markets.  

“And it kind of brings a lot of commerce to a halt, not completely of course," said Farr.

Damages caused by Hurricane Sandy are estimated at $20 billion, plus $30 billion more in lost business, according to IHS Global Insight, a financial forecaster.  Some economists say the storm could cut 0.6 percent from U.S. economic growth in the fourth quarter of the year.

You May Like

Video British Fighters On Frontline of ISIS Information War

It’s estimated that several hundred British citizens are fighting for Islamic State alongside other foreign jihadists More

Multimedia Hit Song Delivers Ebola Message in Liberia

'Ebola in Town' has danceable beat, while also delivering serious message about avoiding infection More

Video New Technology Gives Surgeons Unprecedented Views of Patients’ Bodies

Technology offers real-time, interactive, medical visualization and is multi-dimensional More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Native Bees May Help Save Cropsi
X
Deborah Block
August 22, 2014 12:23 AM
U.S. President Barack Obama has called for a federal strategy to promote the health of bees that have been declining. The honeybee has been waning due to parasites, disease and pesticides. Wild bees may be used to take over their role as crop pollinators. Scientists first need to learn a lot more about wild bees, says biologist Sam Droege, who is pioneering the first national inventory on native bees. VOA’s Deborah Block went to his research laboratory in Beltsville, Maryland, to bring you more.
Video

Video Native Bees May Help Save Crops

U.S. President Barack Obama has called for a federal strategy to promote the health of bees that have been declining. The honeybee has been waning due to parasites, disease and pesticides. Wild bees may be used to take over their role as crop pollinators. Scientists first need to learn a lot more about wild bees, says biologist Sam Droege, who is pioneering the first national inventory on native bees. VOA’s Deborah Block went to his research laboratory in Beltsville, Maryland, to bring you more.
Video

Video US Defense Officials Plan for Long-Term Strategy to Contain Islamic State

U.S. defense officials say American air strikes in Iraq have helped deter Islamic State militants for the time being, but that a broad international effort is needed to defeat the extremists permanently. Defense Secretary Chuck Hagel warned Thursday that the group formerly known as the Islamic State in Iraq and the Levant, or ISIL, is better organized, and financially and militarily stronger than any other known terrorist group. Zlatica Hoke has more.
Video

Video Drug-Resistant Malaria Spreads in Southeast Asia

On Thailand’s border with Myanmar, also known as Burma, a malaria research and treatment clinic is stepping up efforts to eliminate a drug-resistant form of the parasite - before it spreads abroad. Steve Sandford reports from Mae Sot, Thailand.
Video

Video Gaza Conflict, Hamas Popularity Challenge Abbas

The Palestinian unity government of Mahmoud Abbas has failed to convince Hamas to agree to Egyptian-negotiated terms with Israel on a Gaza cease-fire. VOA State Department Correspondent Scott Stearns reports on what the Gaza conflict means for President Abbas, with whom U.S. officials have worked for years on a two-state solution to the Israeli-Palestinian conflict.
Video

Video Nigeria's 'Nollywood' Movie Industry Rolls in High Gear

Twenty years after its birth in a video shop in Lagos, Nigeria's "Nollywood" is one of the most prolific film industries on earth. Despite low budgets and whirlwind production schedules, Nigerian films are wildly popular in Africa and industry professionals say they hope, in the future, their films will be as great in quality as they are in quantity. Heather Murdock has more for VOA from Lagos.
Video

Video UN Launches 'Biggest Aid Operation in 30 Years' in Iraq

The United Nations has launched what it describes as one of the biggest aid operations in 30 years in northern Iraq, as hundreds of thousands of refugees flee the extremist Sunni militant group calling itself the Islamic State. As Kurdish and Iraqi forces battle the Sunni insurgents, the fighting has forced more people to flee their homes. Kurdish authorities say the international community must act now to avert a humanitarian catastrophe. Henry Ridgwell reports for VOA from London.
Video

Video Cambodian American Hip Hop Artist Sings of Personal Struggles

A growing underground movement of Cambodian American hip hop artists is rapping about the struggles of living in urban America. Most, if not all of them, are refugees or children of refugees who came to the United States from Cambodia to escape the Khmer Rouge genocide of the 1970s. Through their music, the artists hope to give voice to immigrants who have been struggling quietly for years. Elizabeth Lee reports from Long Beach, California.
Video

Video African Media Tries to Educate Public About Ebola

While the Ebola epidemic continues to claim lives in West Africa, information technology specialists, together with radio and TV reporters, are battling misinformation and prejudice about the disease - using social media to educate the public about the deadly virus. VOA’s George Putic has more.

AppleAndroid

World Currencies

EUR
USD
0.7492
JPY
USD
102.27
GBP
USD
0.5960
CAD
USD
1.0950
INR
USD
61.300

Rates may not be current.