With the financial heartbeat of the United States located in New York City, there's almost no one left unaffected by Hurricane Sandy, and Muskego investment advisor Katie Orvis had to break the news to her clients yesterday.
"Due to Hurricane Sandy making landfall on the East Coast, the U.S. equity and bond markets are closed," she posted on Facebook.
"First and foremost, my thoughts are with those who are in the path of Hurricane Sandy, and I hope it passes with as little damage as possible. Our concern is for the safety of our clients, associates and everyone living in that area," she wrote.
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Today, markets remain closed, and Orvis said while bond markets had closed midday on Monday, the stock exchange was closed all day. Both are expected to open at 9:30 ET Wednesday.
"People should understand that prices can change from close of market on Friday to the time they open tomorrow," she said. Even though electronic trades are 'made' online at all hours, what counts is when the market is actually open.
Orvis said that for the most part, clients have been taking the delay in stride, realizing that the markets have never had to close for weather.
"The only unscheduled market closure we've seen came on 9/11, which is an amazing fact," Orvis said.