NYSE will be open Monday, Business as Usual, despite ‘Nemo’
Winter weather slammed the northeast coast of the United States on Friday and Saturday, dumping snow measurable by the foot.
Feb. 09, 2013
UPDATED: Sat., Feb 9, 11:40am: The NYSE has announced that it will open as usual for trading on Monday morning. A previous report had incorrectly stated that Monday’s opening was uncertain.
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Winter weather slammed the northeast coast of the United States on Friday and Saturday, dumping snow measurable by the foot. Earlier reports that the markets might not open have been debunked.
Richard Adamonis, a spokesperson for the NYSE, told CPA Practice Advisor that the markets will be opening on Monday, “Business as usual.”
Named “Winter Storm Nemo” by the Weather Channel, the blizzard is rivaling the blizzard of 1978. Packing 70 mile per hour winds and higher, and with forecasts of up to a foot of snow in New York City, 20 inches in New Haven Connecticut and up to three feet in parts of Massachusetts.
If the storm hits Wall Street as strongly as forecast, the problems won’t be just from the snow, but also the strong winds. The combination of heavy, wet snow plus nearly hurricane-force winds could cause severe power disruptions.
On Oct. 28 and 29, 2012, both the NYSE and Nasdaq stock markets closed as a result of Hurricane Sandy. This weekend’s major blizzard is hitting nearly the same path and mirroring many of the effects of Sandy.
On Friday, as the blizzard started moving into the region, the markets stayed open all day.