Preferred stock market shuts down as Hurricane Sandy's arrival on East Coast imminent

By Stephanie N. Rotondo

Phoenix, Oct. 29 - Hurricane Sandy's expected arrival on the northern East Coast on Monday resulted in the closure of the equity markets on Monday, including the preferred stock market.

It is expected that the market will remain closed on Tuesday as well.

The bond markets closed at noon ET and the Securities Industry and Financial Markets Association has recommended they be closed entirely on Tuesday.

Hurricane Sandy was expected to reach the northern East Coast by Monday night and was already producing winds up to 85 miles per hour early Monday morning. Torrential rains and even snow were expected for some eastern states. Many residents up and down the Eastern Seaboard had been urged to evacuate ahead of the storm.

The closure of the U.S. markets due to the weather conditions marks the first time in 27 years that such an event has occurred. In September 1985, the markets shut down due to Hurricane Gloria.

The markets have been closed other times, such as in the aftermath of Sept. 11, 2001.

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