As Hurricane Sandy made its way up the Eastern Seaboard and targeted the nation's financial center, trading was suspended for the Dow Jones Industrial Average (DJI) and other major indexes and exchanges. In fact, because the potential for greater problems will rise throughout the day and into tomorrow, the stock exchanges will remain closed on Tuesday, with hopes to reopen on Wednesday. To appreciate just how much of a threat Sandy actually is, this marks the first time since 1888 that Wall Street will be shuttered for two consecutive days due to weather. "Consider this: the market is closed in the heart of earnings season and right ahead of the election," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "This is unprecedented and really only adds to the high levels of uncertainty already out there."
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Though floor trading was closed in New York, energy and metals futures continued to trade on the electronic platform. Hurricane Sandy-induced power outages along the East Coast weighed on expectations for crude demand, overshadowing supply concerns stemming from mass refinery shutdowns. Against this backdrop, and thanks to a strengthening dollar, December-dated oil gave up 74 cents, or 0.9%, to end at $85.54 per barrel.
Likewise, gold futures ended in the red, marking their fourth down day in five. Hurricane Sandy sent traders seeking safety in the greenback, which pressured the dollar-denominated commodity's December contract $3.20, or 0.2%, lower to $1,708.70 an ounce.
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