In the aftermath of Hurricane Sandy, the Dow Jones Industrial Average (DJI) lay dormant for a second straight day -- the first time this has occurred (for weather-related reasons) since 1888. While a large portion of the East Coast and Midwest are still weathering the storm, the nation's financial center appeared to be spared from any major damage. As a result, the New York Stock Exchange (NYSE) is anticipating business as usual for Wednesday. NYSE/Euronext CEO Duncan Niederauer released a statement noting that employees "have been working diligently to ensure ... a smooth opening."
"The good news is we are open for business tomorrow," said Schaeffer's Senior Technical Strategist Ryan Detrick. "These past two days have allowed us to get caught up on things, but it's time to get back to business."
"Given it was a slow day, my colleague Joe Bell and I got creative and found a new place for lunch," remarked Detrick. "It was a specialty burger shop and was spectacular. By far, the highlight of my day!"
More of today's big stories:
For a second session, energy and metals futures continued to trade on the electronic platform, despite trading floors being closed due to Hurricane Sandy. Crude for December delivery inched higher by 9 cents, or 0.1 %, landing at $85.63 a barrel.
Gold futures also reversed their recent downtrend, as Hurricane Sandy slowly loosened her grip. By the close, December-dated gold added $3.40, or 0.2%, to settle at $1,712.10 an ounce.
At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.
The Case for Big Moves in IWM and QQQ
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: firstname.lastname@example.org
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.