News Column

US Stock Markets Closed Monday

October 29, 2012

U.S. markets closed Monday due to a hurricane billed as an extra-dangerous one-two punch, mixing a tropical storm front with a northeastern snowstorm.

Authorities ordered the evacuation of hundreds of thousands of residents and closed mass transit systems in New York. The New York Times reported Monday authorities are also anticipating the closure of markets on Tuesday in what is a very rare market shut down beyond the normal holiday schedule for Wall Street.

The unscheduled closure was the first since the Sept. 11, 2001, terrorist attacks.

The Commerce Department said consumer spending rose 0.8 percent in September, the largest month-to-month gain since February. Incomes rose 0.4 percent in the month, Commerce said.

U.S. markets have likely adjusted to the spending figures already as they were incorporated in to the gross domestic product report last week that said the GDP rose by 2 percent in the third quarter.

In Asia and Europe, markets were mostly lower.

The Shanghai composite index in China dropped 0.35 percent, while the Nikkei 225 average in Japan was flat, dropping 0.04 percent.

In Britain, with trading still open, the FTSE 100 index lost 0.23 percent, while the Dax 30 in Germany fell 0.37 percent. The CAC 40 in France shed 0.82 percent. Markets were also lower in Italy, Sweden and Belgium.

U.S. benchmark 10-year treasuries before the close were up 7/32 to yield 1.719 percent.

The euro fell to $1.2897 from Friday's $1.2942. Against the yen, the dollar was listed at 79.80 yen from 79.65 yen.

At Friday's close, U.S. markets were mixed with movement marginal. The Dow Jones industrial average ended the session at 13,107.21. The

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Source: Copyright United Press International 2012

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