As Hurricane Sandy marches up the East Coast, wrecking havoc on states from Florida to Maine, for the first time since the September 2001 terrorist attacks all major U.S. stock, option and commodity markets were closed on Monday, with the closure possibly extending into Tuesday.
While there had been plans for electronic trading to proceed on the New York Stock Exchange, with the ordered transit shutdown in and out of Manhattan, officials deemed the risks too great.
The last time the Big Board close due to weather was in 1985 for Hurricane Gloria. If the exchange remains closed into Tuesday, it will mark the first consecutive day closing since 1888, when a blizzard dumped mountains of snow on the New York area leaving drifts some 40 feet high in its wake.
With Sandy expected to make landfall somewhere on the Jersey Shore Monday afternoon, the devastating effects from the monster storm are expected to hit New York City hard. Lower parts of Manhattan around the Financial District are subject to mandatory evacuation orders, facing 70 mph winds and 11-foot storm surges.