By Michael Foster, Big4.com Blogger
Hurricane Sandy, making its way through the northeast of the United States, has caused several Big4 firms to close their offices in addition to closing trading on the New York Stock Exchange and NASDAQ.
On Sunday, NASDAQ and the NYSE announced that they would close exchanges on Monday and possible on Tuesday. This is the first time markets have closed because of weather since 1985, when Hurricane Gloria stormed through New York City and the region. Several companies were planning to release earnings on Monday, including Pfizer, Thomson Reuters, and Martha Stewart Living Omnimedia. The end of October is typically busy with activity, as many blue chip companies announce their quarterly reports.
Big4 firms have also shut their headquarters in New York City and in nearby cities including Philadelphia and Boston. Public transport has also been shut in several cities, including New York City, where several highways already flooded early Monday as the storm moved northward.
Although Hurricane Sandy has not yet hit land, already several parts of New York City flooded Monday morning and power outages were reported downtown around Wall Street.
The Metropolitan Transit Authority, which runs New York City public transport including its subway and busses, said it will probably suspend service on Tuesday. It remains unclear when trading on Wall Street will resume, and workers can return to their offices at Big4 headquarters in the northeast.