NEW YORK (AP) -- Stock trading will be closed in the U.S. for a second day Tuesday as a dangerous storm bears down on the East Coast. Bond trading will also be closed.
The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria, and it will be the first time since 1888 that the exchange will have been closed for two consecutive days because of weather. The cause then was a blizzard that left drifts as high as 40 feet in the streets of New York City.
The New York Stock Exchange and Nasdaq said they intend to reopen on Wednesday and would keep investors updated.
Much of the East Coast was at a standstill Monday as the Sandy, a hurricane reclassified as a post-tropical storm, approached. CME Group's New York trading floor was closed, but its electronic markets for commodities were functioning. Crude oil fell 74 cents to close at $85.54 in electronic trading. CME said electronic trading for commodities would also be open Tuesday.
CME said it would reopen its stock index futures trading Monday night at 6 p.m. ET for overnight electronic trading and keep it open through 9:15 a.m. Tuesday. Trading on interest rate futures and options on futures including Treasurys, Eurodollar and Fed Funds would reopen at the same time Monday night and stay open Tuesday.
Bond trading will be closed Tuesday. The Securities Industry and Financial Markets Association called for an early close to bond trading Monday, at noon. The yield on the benchmark 10-year Treasury note was 1.72 percent, compared with 1.75 percent late Friday.
Some companies are postponing quarterly earnings reports scheduled for release early this week. So far, that includes Pfizer and Thomson Reuters. Burger King reported on schedule, and said its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar. Adjusted results topped expectations, however.
Even with many markets shut down, there was some encouraging news about the U.S. economy Monday. The Commerce Department reported that consumer spending increased 0.8 percent in September. That followed a 0.5 percent gain in August and was the best showing since February.
Personal income rose 0.4 percent, an improvement from a slight 0.1 percent gain in August and the best gain since March. It's a closely watched indicator as consumer spending drives about 70 percent of the nation's economic activity.