Richard Drew, Associated Press
NEW YORK — All major U.S. stock and options exchanges will remain closed Monday with Hurricane Sandy nearing landfall on the East Coast, the first unplanned shutdown since September 2001.
There had been plans to allow electronic trading to go forward Monday on the New York Stock Exchange, but with all mass transit shut down in and out of Manhattan, the risks were determined to be too great.
The Nasdaq and the CME Group in Chicago will also close. CME Group's Nymex headquarters and New York trading floor are located in a mandatory evacuation zone in Manhattan. Its New York trading floor will be closed, but electronic markets were functioning.
Benchmark oil for December delivery fell 61 cents to $85.67 a barrel.
The New York Stock Exchange could remain closed Tuesday as well, depending on the severity of the storm. If that should occur, it would be the first time since 1888 that a weather-related event caused a two-day shut down.
The cause then was a blizzard that left drifts as high as 40 feet in the streets of New York City.
On Monday, areas around the Financial District were part of a mandatory evacuation zone, with the storm surge from Sandy expected to push waters into portion of lower Manhattan.
Though it's likely to carry little in the way of market sentiment, the Dow Jones industrial futures slid 99 points to 12,955. The broader S&P futures gave up 10.3 points to 1,397.30. Nasdaq futures fell 22.50 points to 2,636.50.
Some companies are also postponing quarterly earnings reports scheduled for release early this week. So far, that includes Pfizer Inc. and Thomson Reuters.
Burger King reported on schedule, and said its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar. Adjusted results topped expectations, however.
The Commerce Department plans to release September consumer spending figures as scheduled at 8:30 a.m. ET.
- It's not just young people — seniors...
- 11 best—and worst—state tax systems
- Secret Service boosts security outside White...
- 'Maze Runner' races past 'Tombstones' with...
- White House intruder identified as Army...
- Tense hunt in trooper ambush case hits 8 days
- Security breached: Intruder gets into White...
- Ex-stepson: White House intruder meant no harm
- Striking or spanking a child is not a... 20
- School police stock up on free military... 11
- Yellen says US families need to boost... 10
- Security breached: Intruder gets into... 9
- How much America wants to be taxed 9
- It's not just young people —... 6
- Vikings place Adrian Peterson on exempt... 5
- Dempsey: Half of Iraqi army not OK as... 4