The New York Stock Exchange will open as usual Wednesday following an unprecedented storm that flooded many parts of Manhattan but spared the 220-year-old exchange from serious damage.
Larry Leibowitz, the chief operating officer of the NYSE Euronext, the parent of the exchange, said both the NYSE floor and its electronic trading platforms are preparing for a normal trading day. The market has been shut for two days in the face of Hurricane Sandy, which swept across the East Coast on Monday, forcing thousands of people to evacuate and causing millions of dollars in damage.
“Barring any unforeseen circumstances we will be open,†Mr. Leibowitz said. “We all see the need to get the exchange working as quickly as we can.â€
The New York Stock Exchange is one of the world's most identifiable symbols of capitalism and its inability to operate is often viewed as a larger statement on stability of U.S. stock markets and the economy.
It's rare for the New York Stock Exchange to halt operations for two days. The last time it did for weather related reasons was 1888. After terrorists attacked various American landmarks including The World Trade Center, the exchange closed for four days. The re-opening was heralded around the world as a sign of the strength of the United States.
“It's incredibly important to open these markets,†said Miranda Mizen, director of equities research at TABB Group. “It says New York is open for business.â€
On Monday, the New York Stock Exchange was battling rumors that the floor was under three feet of water. Mr. Leibowtiz, who lives not far from the N.Y.S.E., walked through flooded streets this morning to get to work, but he said the water stopped about two blocks away from the Big Board.
