After Sandy, Wall Street closed for 2nd day
<p><span word="A">A</span> <span word="day">day</span> <span word="after">after</span> <span word="Hurricane">Hurricane</span> <span word="Sandy">Sandy</span> <span word="caused">caused</span> <span word="severe">severe</span> <span word="flooding">flooding</span> <span word="and">and</span> <span word="power">power</span> <span word="outages">outages</span> <span word="to">to</span> <span word="more">more</span> <span word="than">than</span> 7 <span word="million">million</span> <span word="customers">customers</span> <span word="in">in</span> <span word="the">the</span> <span word="Northeastern">Northeastern</span> <span word="United">United</span> <span word="States">States</span>, <span word="officials">officials</span> <span word="in">in</span> <span word="the">the</span> <span word="hard">hard</span>-<span word="hit">hit</span> <span word="New">New</span> <span word="York">York</span> <span word="metropolitan">metropolitan</span> <span word="area">area</span> <span word="are">are</span> <span word="assessing">assessing</span> <span word="the">the</span> <span word="damage">damage</span>. <span word="Jeff">Jeff</span> <span word="Swicord">Swicord</span> <span word="reports">reports</span> <span word="on">on</span> <span word="the">the</span> <span word="impact">impact</span> <span word="of">of</span> <span word="closing">closing</span> <span word="Wall">Wall</span> <span word="Street">Street</span> <span word="for">for</span> <span word="two">two</span> <span word="days">days</span>.</p><p><span word="Major">Major</span> <span word="US">US</span> <span word="stock">stock</span> <span word="and">and</span> <span word="bond">bond</span> <span word="markets">markets</span> <span word="were">were</span> <span word="closed">closed</span> <span word="again">again</span> <span word="on">on</span> <span word="Tuesday">Tuesday</span>, <span word="a">a</span> <span word="day">day</span> <span word="after">after</span> <span word="Hurricane">Hurricane</span> <span word="Sandy">Sandy</span> <span word="swept">swept</span> <span word="through">through</span> <span word="New">New</span> <span word="York">York</span> <span word="City">City</span>.</p><p><span word="The">The</span> <span word="area">area</span> <span word="around">around</span> <span word="Wall">Wall</span> <span word="Street">Street</span> <span word="was">was</span> <span word="part">part</span> <span word="of">of</span> <span word="a">a</span> <span word="mandatory">mandatory</span> <span word="evacuation">evacuation</span> <span word="zone">zone</span>, <span word="and">and</span> <span word="with">with</span> <span word="the">the</span> <span word="storm">storm</span> <span word="surge">surge</span>, <span word="water">water</span> <span word="rose">rose</span> <span word="above">above</span> <span word="seawalls">seawalls</span> - <span word="flooding">flooding</span> <span word="streets">streets</span> <span word="in">in</span> <span word="lower">lower</span> <span word="Manhattan">Manhattan</span>.</p><p><span word="This">This</span> <span word="is">is</span> <span word="the">the</span> <span word="first">first</span> <span word="time">time</span> <span word="since">since</span> 1888 <span word="that">that</span> <span word="bad">bad</span> <span word="weather">weather</span> <span word="forced">forced</span> <span word="the">the</span> <span word="New">New</span> <span word="York">York</span> <span word="Stock">Stock</span> <span word="Exchange">Exchange</span> <span word="to">to</span> <span word="close">close</span> <span word="for">for</span> <span word="two">two</span> <span word="consecutive">consecutive</span> <span word="days">days</span>.</p><p><span word="The">The</span> <span word="timing">timing</span> <span word="of">of</span> <span word="the">the</span> <span word="storm">storm</span> <span word="could">could</span> <span word="be">be</span> <span word="difficult">difficult</span> <span word="for">for</span> <span word="Wall">Wall</span> <span word="Street">Street</span>. <span word="At">At</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> <span word="each">each</span> <span word="month">month</span>, <span word="fund">fund</span> <span word="managers">managers</span> <span word="price">price</span> <span word="their">their</span> <span word="portfolios">portfolios</span> <span word="for">for</span> <span word="clients">clients</span>.</p><p><span word="Market">Market</span> <span word="analyst">analyst</span> <span word="Michael">Michael</span> <span word="Farr">Farr</span>, <span word="author">author</span> <span word="of">of</span> <span word="The">The</span> <span word="Arrogance">Arrogance</span> <span word="Cycle">Cycle</span>, <span word="says">says</span> <span word="losing">losing</span> <span word="two">two</span> <span word="days">days</span> <span word="of">of</span> <span word="trading">trading</span> <span word="can">can</span> <span word="make">make</span> <span word="it">it</span> <span word="difficult">difficult</span> <span word="to">to</span> <span word="assess">assess</span> <span word="the">the</span> <span word="real">real</span> <span word="value">value</span> <span word="of">of</span> <span word="stocks">stocks</span> <span word="and">and</span> <span word="mutual">mutual</span> <span word="funds">funds</span>.</p><p>“<span word="They">They</span> <span word="have">have</span> <span word="to">to</span> <span word="be">be</span> <span word="priced">priced</span> <span word="with">with</span> <span word="real">real</span> <span word="market">market</span>-<span word="time">time</span> <span word="prices">prices</span>. <span word="If">If</span> <span word="you">you</span> <span word="don">don</span>’<span word="t">t</span> <span word="have">have</span> <span word="a">a</span> <span word="real">real</span> <span word="market">market</span> <span word="print">print</span> <span word="you">you</span> <span word="have">have</span> <span word="to">to</span> <span word="show">show</span> <span word="the">the</span> <span word="last">last</span> <span word="close">close</span>. <span word="So">So</span> <span word="you">you</span> <span word="really">really</span> <span word="don">don</span>’<span word="t">t</span> <span word="get">get</span> <span word="an">an</span> <span word="accurate">accurate</span> <span word="sense">sense</span>," <span word="said">said</span> <span word="Farr">Farr</span>.</p><p><span word="Experts">Experts</span> <span word="say">say</span> <span word="closing">closing</span> <span word="the">the</span> <span word="stock">stock</span> <span word="market">market</span> <span word="can">can</span> <span word="have">have</span> <span word="an">an</span> <span word="impact">impact</span> <span word="on">on</span> <span word="world">world</span> <span word="markets">markets</span>.</p><p>“<span word="And">And</span> <span word="it">it</span> <span word="kind">kind</span> <span word="of">of</span> <span word="brings">brings</span> <span word="a">a</span> <span word="lot">lot</span> <span word="of">of</span> <span word="commerce">commerce</span> <span word="to">to</span> <span word="a">a</span> <span word="halt">halt</span>, <span word="not">not</span> <span word="completely">completely</span> <span word="of">of</span> <span word="course">course</span>," <span word="said">said</span> <span word="Farr">Farr</span>.</p><p><span word="Damages">Damages</span> <span word="caused">caused</span> <span word="by">by</span> <span word="Hurricane">Hurricane</span> <span word="Sandy">Sandy</span> <span word="are">are</span> <span word="estimated">estimated</span> <span word="at">at</span> $20 <span word="billion">billion</span>, <span word="plus">plus</span> $30 <span word="billion">billion</span> <span word="more">more</span> <span word="in">in</span> <span word="lost">lost</span> <span word="business">business</span>, <span word="according">according</span> <span word="to">to</span> <span word="IHS">IHS</span> <span word="Global">Global</span> <span word="Insight">Insight</span>, <span word="a">a</span> <span word="financial">financial</span> <span word="forecaster">forecaster</span>. <span word="Some">Some</span> <span word="economists">economists</span> <span word="say">say</span> <span word="the">the</span> <span word="storm">storm</span> <span word="could">could</span> <span word="cut">cut</span> 0.6 <span word="percent">percent</span> <span word="from">from</span> <span word="US">US</span> <span word="economic">economic</span> <span word="growth">growth</span> <span word="in">in</span> <span word="the">the</span> <span word="fourth">fourth</span> <span word="quarter">quarter</span> <span word="of">of</span> <span word="the">the</span> <span word="year">year</span>.</p>
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