NYSE trading begins after storm-related shutdown
By Bloomberg | October 31, 2012 11:57 am
The New York Stock Exchange opened its market on time Wednesday by running on power from generators following the longest weather-related shutdown in more than a century because of Hurricane Sandy. Brokers on the NYSE floor experienced limited Internet and mobile-phone connections while still being able to trade from the exchange.
Trading went “very smoothly, everything opened fairly quickly,” Duncan Niederauer, the CEO of NYSE Euronext, said in an interview with Bloomberg. “Participation has been a lot more active than we thought,” Mr. Niederauer said. “For some it was business as usual; for some they were using their backup sites.”
The Dow Jones industrial average advanced 0.1% to 13,125.35, with all 30 constituents showing opening prices by 9:32 a.m. EDT.
While Ben Willis, a managing director with Albert Fried & Co., said Internet and mobile phone service was limited on the floor, traders have access to the New York Stock Exchange's broker booth support system and landline telephones, said Jonathan Corpina, senior managing partner at Meridian Equity Partners on the NYSE floor.
The S&P 500 index slipped 0.1% from Friday's close to 1,411.99. The benchmark gauge has declined 2% in October after four straight months of gains.
“So far so good,” Arthur Hogan, a strategist at Lazard Capital Markets, said in a telephone interview from Boston. “The market opened on time. “We've got a market that seems to be functioning pretty well. We keep our fingers crossed that remains the case throughout the course of the day.”