New York Stock Exchange reopens after Hurricane Sandy
NEW YORK - Wall Street is back in business. Traffic is snarled, streets are flooded, subways are out of commission and power is out in many parts of New York City, but the stock exchange at 11 Wall St. opened trading without a hitch Wednesday after a historic two-day shutdown, courtesy of Hurricane Sandy. New York City Mayor Michael Bloomberg rang the opening bell at 9:30 a.m., right on schedule, then gave a thumbs-up as traders cheered from the iconic trading floor below, falsely rumored to be flooded, but dry Wednesday morning, and festive. "It's good for the city, good for country, it's good for everyone to get back to work," the mayor told CNBC moments later while leaving the exchange building.The last time the exchange closed for two consecutive days because of weather was during the Blizzard of 1888 — 124 years ago. The company that operates the exchange, NYSE Euronext, said the trading floor was running on backup generators since power was out in large swaths of Manhattan. The Dow Jones industrial average gave up an early gain and closed down 11 points at 13,097 Wednesday. The Standard & Poor's 500 edged up less than a point to 1,412. The Nasdaq lost 11 points to end at 2,977. About three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was 3.4 billion shares, in line with the recent average.