Financial markets reopened Wednesday morning after the longest weather-related closure in over 100 years.
Lower Manhattan, including Wall Street, is still without power, but the New York Stock Exchange is up and running on a generator and CBS News business and economics correspondent Rebecca Jarvis reported that NYSE personnel tested all of their electronic systems on Tuesday.
Approximately 50 personnel from the NYSE stayed at the exchange overnight and carpools and hotel stays were arranged to ensure that traders could arrive at the exchange by the opening bell on Wednesday. NYSE’s chief operating officer told Jarvis that they have done everything can to make sure that trading would at 9:30 a.m. ET on Wednesday morning and New York City Mayor Michael Bloomberg rang the opening bell.
The headline says it all. Regardless of our politics, the economy ain’t especially moving anywhere without means of buying, selling and trading. The NYSE is open for business and that’s a good thing.