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."
Keep reading to see what else was on our radar today:
More of today's big stories:
And, in case you missed it ... 7 Deadly Trading Sins, and How to Atone.
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.
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 One Overseas Market That's Trending Higher in 2014
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: email@example.com
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.