NEW YORK (CNNMoney) —
U.S. stock exchanges were closed Monday as Hurricane Sandy bore down on New York.
The New York Stock Exchange said in a statement late Sunday that it would close its markets Monday. Markets are likely to remain closed on Tuesday as well.
The Nasdaq stock market, which trades many technology stocks, including Google and Microsoft, also closed down Monday. The exchange will later announce plans for Tuesday.
“Dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority,” the NYSE said in a statement.
New York has declared a state of emergengy and the city suspended subway service, bus and commuter rail service, which started at 7 p.m. ET Sunday. (Look ahead to stocks: Key jobs report).
Federal offices in Washington area closed Monday due to storm
(Reuters) – Federal offices in the Washington, D.C., area will be closed to the public and non-emergency federal employees will be granted administrative leave on Monday as Hurricane Sandy approaches.
The U.S. Office of Personnel Management said on its website that employees scheduled to telework must work the full day or request leave. Sandy is expected to come ashore late on Monday.
(Reporting By Emily Stephenson; editing by Christopher Wilson)
Metro system to shut down on Monday
By Martin Weil, Published: October 28
In explanation, the officials cited the expected high winds, the likelihood of widespread power outages, and the closing of the federal government.
As for Monday’s Metro closure, officials said said no decision had yet been made about when rail service would be restored. The announcement said bus service would be suspended Monday “until further notice.”
Officials said service would be restored only “when it is safe to do so.”