Hurricane Sandy is slated to arrive to the United States by this week according to local weather stations, and the stock market is packing up their things to prepare for the potentially largest storm to hit New York. Weather stations predict vast flooding, immense power outages and strong winds that could imperil the entire New York environment.
Many New York citizens are evacuating to other cities by this week bracing for the storm. The stock market is slated to be frozen for a few days as the storm passes towards the metropolis. Local authorities state that the developing violent storm may disable them from guaranteeing the safety of the citizens of New York.
The US Stock Market will be closed on Monday and Tuesday as the storm is set to ravage the city by the two days. Offers to close the trading floor and instead go for electronic trading have been canceled as the storm’s strength was predicted earlier this weekend. The New York Stock Exchange Operator Euronext stated that it wanted to prioritize the safety of the people and all information and safety is always their first priority.
Philips 66, an oil refinery in New Jersey, which produces at least 238,000 barrels per day will also be shutting down and cutting output due to predicted power outages and the storm’s actual hindrance to their operations. The temporal closing of the refinery has caused a rise of 1% in the futures trading of oil.