U.S stock market reopen after storm

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All of us know that there’s worst storm called Sandy at U.S that effect on global economy especially in U.S. The natural disaster make U.S stock exchange close trading for two days. New York Stock Exchange will open this Wednesday although it was prepared to switch to fully electronic trading. Nasdaq OMX’s Nasdaq Stock Market also reopen on this Wednesday as were BATS and Direct Edge Exchanges.
All of the U.S stock market has testing their NYSE’s backup system on Tuesday and it aimed at allowing member trading firms to operating on backup systems themselves due to complications from the storm. On Monday, U.S exchanges had planned to open market but there pressure form firms worried about employee safety and the inability to see markets function effectively at light staffing. It was the first time the exchange trading closed because of bad weather.
The storm was expected to make the exchanges and banks lost tens of millions dollars a day. The NYSE has tested the possibility of routing trades through its electonic platform and it show that there can handles about half of the volume through their trading floor at 11 Wall Street.
Wednesday is the end of the fiscal year for some mutual funds and it could volatility in markets as mutual funds sell underperformers by the end of trading on that day in order to avoid taxes on some of their portfolio gains.The markets also will burst of volatility after 2 day shutdown in the middle of earnings season and just days before the November 6 U.S presidential election.
For more info continue reading at Finance Yahoo

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