By VICTOR REKLAITIS, INVESTOR’S BUSINESS DAILY
The stock market will stay dark Tuesday because of Hurricane Sandy, in the first weather-related, consecutive-day closure for stock trading since 1888.
“We intend to re-open our U.S. markets on Wednesday, Oct. 31, 2012, conditions permitting,” the NYSE said in a news release. “Updates will be provided tomorrow.”
Bond trading ended at noon ET Monday and will be closed Tuesday.
Many companies have been rescheduling their quarterly earnings reports. Cirrus Logic (CRUS), No. 12 in Monday’s IBD 50 lineup, pushed back its quarterly report from Monday to Wednesday.
But some companies, such as Burger King Worldwide (BKW) and CommVault Systems (CVLT), still released their quarterly results on Monday. Burger King, a June IPO with a weak IBD Composite Rating of 45 out of a best-possible 99, posted profit and revenue that beat estimates. CommVault, No. 49 in Monday’s IBD 50, blew away Wall Street’s estimates.
Despite Sandy-related closures for government offices, the Commerce Department managed to release data showing personal spending bumped up 0.8% in September, topping forecasts for a 0.6% gain. Personal income edged up 0.4%, better than the 0.1% increase in August and in line with expectations.
Monday’s market closure represented the first marketwide, unplanned shutdown since the terrorist attacks on Sept. 11, 2001. The market last closed due to weather on Sept. 27, 1985, for Hurricane Gloria. It last closed for two consecutive days due to weather on March 12-13, 1888, for a blizzard.