U.S. markets get a Sandy surprise

by Hutton Marshall

MCT Campus

As Superstorm Sandy, recently downgraded from hurricane status, continues to bombard northeasten U.S., the entire country is feeling the rippling effects from the massive storm.

For the first time since 1988, U.S. stock markets closed for two consecutive days as a result of weather. The markets will likely reopen Wednesday, as the final day of the month is a key trading day. This is the first unplanned shutdown since the 9/11 attacks in 2001.

The presidential race was also stalled by Sandy, with President Barack Obama cancelling campaign events on Monday, Tuesday and Wednesday to devote time to disaster relief. Gov. Mitt Romney also cancelled several events because of weather conditions and out of respect for those enduring the storm.

New Jersey Gov. Chris Christie, a Republican, recently praised Obama for his work in helping his state cope with Sandy.

“I spoke to the president three times yesterday,” Christie told CNN. “He has been incredibly supportive and helpful to our state and not once did he bring up the election.”

Romney resumed campaigning Tuesday, although his events centered mostly around Superstorm Sandy. He attended three campaign rallies in Florida yesterday, a key swing state where polls are currently too close to call.

The Associated Press reported at least 40 deaths from Sandy thus far and more than 8.5 million homes have lost power.