BREAKING NEWS

BREAKING NEWS

NYSE set to re-open on Wednesday

Now Reading:

NYSE set to re-open on Wednesday

Text size Aa Aa

The New York Stock Exchange (NYSE) is set to open as usual on Wednesday after being closed for two days.

The announcement comes as lower Manhattan, the hub of the city’s financial district, emerges as one of the areas most affected by superstorm Sandy.

A record storm surge caused a rare flooding of the subway tunnels. The system is expected to be closed for some days. Hundreds of thousands remain without power.

The storm also shut down thousands of small businesses.

Experts have put the cost of Sandy at between 7 and 15 billion dollars – a fraction of the cost of Katrina in 2005. Some say this underplays the long-term economic impact, but for others it ignores the multiplier effect of the economic boom that clearing up can potentially bring.