9:00AM EDT October 30. 2012 -
NEW YORK (AP) — Wall Street remained closed for the second straight day Tuesday, and U.S. stock exchanges said they are testing all-electronic trading systems. The goal is to resume trading as soon as possible in the wake of Hurricane Sandy.
The last time weather closed U.S. markets for two days was in 1888, when a blizzard buried New York City under two feet of snow.
The New York Stock Exchange said contingency plans, such as all-electronic trading, are being tested as a safety measure.
If implemented, the opening and closing auctions would be handled by the electronic NYSE Arca system. It has been tested in the past but has never been used to completely replace trading on the floor of the NYSE.
Officials with the NYSE and Nasdaq said they plan to open on Wednesday, though large swaths of the financial district are flooded. The bond market regulator has not yet commented on when trading will resume.
On Tuesday, stock futures trading continued as it did Monday, although volume was light. Futures were modestly lower for the Dow Jones industrial average, the Standard Poor's 500 index and the Nasdaq composite index. Futures trading will end at 9:15 a.m. ET.
Dozens of companies have postponed earnings reports this week because of the storm, but Ford Motor on Tuesday released results for the third quarter that topped Wall Street expectations.
Global markets rebounded, though trading was subdued in the wake of the hurricane.
In Europe, the FTSE 100 index of leading British shares was up 0.7% at 5,835 while Germany's DAX 30 rose 0.9% to 7,266. The CAC-40 in France was 0.8% higher at 3,436.
Earlier in Asia, trading was mixed.
Japan's Nikkei 225 index fell 1% to close at 8,841.98.
South Korea's Kospi index rose 0.4% to 1,899.58 but Hong Kong's Hang Seng index fell 0.4% to 21,428.58. Benchmarks in mainland China also rose.
Crude oil prices rose 50 cents to $86.04 Tuesday in electronic trading on the New York Mercantile Exchange.
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Source: http://www.news.theusalinks.com/2012/10/30/wall-street-testing-electronic-trading-systems/
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