U.S. markets to remain shut on Tuesday

  • U.S. market executives, regulators and brokers have agreed to close the U.S. stock markets on Tuesday due to Storm Sandy.

    The shutdown of U.S. stock markets on Monday was its first weather-related closure in 27 years.

    Trading executives spent much of the day pushing the New York Stock Exchange and the Nasdaq to clearly communicate their plan to avoid a repeat of Sunday night.

    Market traders and regulators decided late on Sunday to close the markets, backtracking on an earlier decision to keep electronic trading going on Monday.

    However, confusion arose over the NYSE’s choice to trade exclusively over its ARCA electronic system because the contingency plan it had created in March had not been vetted by several brokerage firms.

    Efforts are being made to reopen markets on Wednesday. A final decision is yet to be made.