The stock market will remain closed Tuesday as Hurricane Sandy batters much of the East Coast and flooding is reported in parts of New York City.
The decision to shutter both the New York Stock Exchange and the Nasdaq was made Monday afternoon in consultation with executives and analysts, NBC News reported. There were also concerns that ConEdison's decision to shut down power in parts of lower Manhattan could have an impact on buildings like the Federal Reserve Bank and the New York Stock Exchange, complicating trading, according to DNAInfo.
Parts of the financial district were under evacuation Monday as winds were expected to hit 90 mph, bringing down trees and construction cranes. Several people were reported injured.
It is the first time since the Blizzard of 1888 that trading has halted for two days because of inclement weather.
The move forced DreamWorks Animation to push its third quarter earnings announcement back to Thursday, Nov. 1 after markets close instead of Tuesday as previously scheduled. The studio will host a conference call with analysts and investors on the same day.