Oct
29
Hurricane Sandy: HERE SHE COMES!!
Posted by: Kevin Yu | October 29, 2012 | Leave a Comment
The big news this week regarded environmental disasters. Starting from an earthquake with a magnitude of 7.7 which occurred on B.C. coast on 27th October, 2012, the next big thing is coming towards NYC: Hurricane Sandy. Although the tsunami which hit Haida Gwaii and Port Edward had a negligible effect on the population, Hurricane Sandy is a different story.
The magnitude of the storm is clearly identified in the article written in bloomberg post; as it depicts Hurricane Sandy as a storm that threatens the NYC with “70-mile-per-hour winds andt… an 11-foot sea surge.”
In caution to the storm, “The U.S. securities industry canceled equity trading on all markets” on Sunday, October 28th, 2012 and expects this shutdown to “extend through Oct. 30”. This temporary arrest on NYSE and Nasdaq stock market will inevitably have an impact on the economy, whether it is in a micro or macro scale. Hurricane Sandy, as Bloomberg puts it, will directly affect approximately 60 million people occupying southern New Jersey, but the temporary closure of NYSE and Nasdaq stock exchange will indirectly affect the world economy, considering they are one of the biggest stock markets with the largest market capitalization. It would be interesting to see the effect that Sandy has on the stock prices of S&P500 and many other share prices of major companies.
Sources Cited
News, CBC. “Tsunami Heads for Hawaii after Huge B.C. Quake – British Columbia – CBC News.” CBCnews. CBC/Radio Canada, 28 Oct. 2012. Web. 29 Oct. 2012. <http://www.cbc.ca/news/canada/british-columbia/story/2012/10/27/bc-quake-reported.html>.
Mehta, Nina, and Nikolaj Gammeltoft. “U.S. Stock Trading Canceled as New York Girds for Storm.” Bloomberg. N.p., 28 Oct. 2012. Web. 29 Oct. 2012. <http://www.bloomberg.com/news/2012-10-28/nymex-to-close-floor-for-sandy-as-nyse-nasdaq-see-normal-open.html>.
Photo Credits
Foley, Peter. “U.S. Stock Trading Canceled as New York Girds for Storm.” Bloomberg. N.p., 28 Oct. 2012. Web. 29 Oct. 2012. <http://www.bloomberg.com/news/2012-10-28/nymex-to-close-floor-for-sandy-as-nyse-nasdaq-see-normal-open.html>.