Monday, October 29, 2012

What does it take to close Wall Street?

Sand bags protect an entrance of the New York Stock Exchange,
Monday, Oct. 29, 2012. There had been plans to allow electronic
trading to go forward on the New York Stock Exchange but with
a storm surge expected to cover parts of lower Manhattan in
water, officials decided late Sunday that it was too risky
to ask any personnel to staff the exchanges.
1865 Lincoln Assassinated: The Exchange closes for more than a week following the assassination of Abraham Lincoln.

1873 Jay Cooke & Co. fails A prestigious Philadelphia banking firm fails on September 19 due to over speculation in railroad stocks. The NYSE closes for ten days as a severe financial panic grips the nation.

1914 WW1: As armed conflict engulfs Europe, securities exchanges around the world suspend operations to arrest plunging prices. The NYSE closes its doors on July 31, and does not fully reopen for 4 1/2 months, the longest shutdown in Exchange history.

1933 NYSE Closes For Bank Holiday: On March 04 the NYSE shut down its operations for FDR's bank holiday.

1945 Exchange Closes for V-J Day: Victorious American troops are welcomed home with a ticker tape parade. The Exchange closes August 15-16 for V-J Day.

1963 Kennedy Assassinated: The assassination of President Kennedy on November 22 forces an emergency early closing of the Exchange to avoid panic selling.

1985 Hurricane Gloria: September 28 marks the first time the NYSE closed for weather as Hurricane Gloria slammed into the eastern seaboard.

2001 Terrorist Attacks on WTC: On September 11, terrorist attacks destroy the World Trade Center. The NYSE closes for four days - its longest closure since 1933 - and reopens on September 17, setting a record volume of 2.37 billion shares.

2012 Hurricane Sandy: On October 29 Hurricane Sandy is expected to batter the East Coast.
All U.S. stock markets will be closed on Monday and possibly Tuesday, the operator of the New York Stock Exchange said late on Sunday, reversing an earlier plan that would have kept electronic trading going on Monday.

The above are only examples of extraordinary NYSE-closures. A complete list can be found HERE. A sound review of the impact of unplanned closures of the NYSE is presented HERE.