As the leading edge of the storm advanced on the mid-Atlantic states, the usually resilient New York Stock Exchange and Nasdaq shut down, and Goldman Sachs and other Wall Street banks activated emergency plans.
“My bias is always to keep the markets open, but this was a pretty easy decision,” Duncan Niederauer, NYSE Euronext CEO, told CNBC on Monday. “What I underestimated was how much people would have to staff up if we were operating electronically.”
Furthermore, Mr. Niederauer said it’s “hard to imagine” that the NYSE would open back up Tuesday.
The NYSE closed for four days in September 2001, but if the NYSE remains closed Tuesday, which at this point is likely, it would be the first two-day shutdown for the exchange due to weather since 1888.