Sandy's effects on national economy
U.S. trading remains at a standstill at the New York Stock Exchange Tuesday as the result of Hurricane Sandy. The Stock Exchange is located in Lower Manhattan, which is in a flood zone.
Traders are hoping to return back to business Wednesday but that may be a little optimistic.
Wall Street firms are still concerned about the safety of their employees. That's why they closed the New York Stock exchange in advance of Hurricane Sandy Monday, and Tuesday in Lower Manhattan.
It's currently unknown just how much damage, if any, has been done to the trading capital of the country.
What is clear though, according to financial analysts, is the impact everyone in the nation may feel. Gas prices could soon go up if refineries were damaged in the storm.
"The energy industry is going to have the biggest impact," Financial Analyst Joe Krier said. "Refineries up and down the east coast are closed. If they end up with damage, or are closed for a couple of weeks, we'll see gas prices go up 20 cents a gallon."
Krier says various economic data releases will be delayed for the next couple of days, even though the New York Stock Exchange and Nasdaq, have shifted to an electronic trading platform.
As sophisticated as electronic trading has become, it's not completely foolproof to fraud, do most investors will wait until traders actually return to the Stock Exchange in Lower Manhattan, to resume business.
"One of the things about financial markets is liquidity and it's a big deal for people," Krier said. "People want to sell things and get their money. When you can't do that, people panic a bit, and that's not necessarily the case here yet. But if your holding investments, it's a two day break from being able to sell anything."
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