Hurricane Sandy slammed into the East Coast Monday evening knocking out power to 7 million homes and businesses and forcing the cancellation of over 13,000 flights. The powerful storm's tidal surge brought devastating damage to the New Jersey coastline, New York City and Long Island.
The huge and dangerous hurricane forced the closure of U.S. stock markets on Monday and Tuesday as the storm swamped lower Manhattan's financial district. Monday's shutdown was the stock market's first weather-related closure in 27 years. The storm's tidal surge caused the worst damage to the New York subway system in its 108-year history, according to a Metropolitan Transit Authority spokesman.
With sustained 80 mph winds, the storm has caused the death of at least 39 people. In addition, blizzard conditions dumped 1 to 2 feet of snow on some parts of West Virginia.
Hurricane Sandy is expected to be the worst weather event to hit New York City since at least 1938, when the Long Island Express, one of the strongest hurricanes in history blew through, according to Reuters.
Equity index markets will close Tuesday morning at 8:15 a.m. CT for both the trading floor and CME Globex in coordination with the announced closure of the U.S. equity markets because of Hurricane Sandy.
CME Group’s interest rate futures and options on futures including Treasury, Eurodollar and Fed Funds will reopen at 5:00 p.m. CT Monday and resume normal trading hours, including remaining open Oct. 30. The re-opening for interest rate markets applies to both trading floor and CME Globex venues.
In addition, as a result of New York City’s continued mandatory evacuation of Zone A, which includes CME Group's NYMEX World Headquarters and New York trading floor, the New York floor will be closed on Tuesday, Oct. 30. All New York floor-traded products will be available on ClearPort as well as CME Globex during their regular market hours. All other CME Group futures and options on futures markets will remain open.
The dangerous system has closed rail and container ports in New York and New Jersey and stranded countless travelers. A 63-mile portion of New Jersey's Garden State Parkway also was closed.
Weather experts remain vigilant in their warnings to the public. "This is the most catastrophic event that we have faced and been able to plan for in any of our lifetimes," according to Connecticut Gov. Dan Malloy.