Markets Opened On Time With The Help Of Generators And Operated Smoothly With More Trading Activity Than Expected

Wednesday, October 31, 2012 19:35
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Markets Opened On Time With The Help Of Generators And Operated Smoothly With More Trading Activity Than Expected

Tags: Economic Outlook | NYSE | oil

Most equities rose as the markets reopened after being closed for two days as Hurricane Sandy hit the nation’s financial center.

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Trading in the Standard & Poors 500 Index was 6% above the 30-day average and the index eked out a .1% climb, closing at 1412.17 after gaining as much as .5% and losing as much as .4% throughout the session.
 
Traders breathed a sigh of relief since the worst case scenario was avoided.
 
The NYSE opened its session on time running on backup power from generators. Knight Capital Inc., one of the largest US market makers, shut down after its backup system failed at its Jersey City headquarters.
 
In a separate report, the Institute for Supply Management (ISM)’s business activity gauge rose to 49.9 in October from September’s reading of 49.7. A reading of above 50 indicates expansion.
 
Oil refineries rose for the second consecutive day as refiners resumed operations. Futures climbed as much as 1.8% as Philadelphia Energy Solutions reopened its Pennsylvania refinery.
 
The company said its two refineries on the east coast operated at reduced rates.
 
All-in-all, trading seemed to go smoothly with more trading action than had been anticipated.
 

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