By ALAN R. ELLIOTT, INVESTOR’S BUSINESS DAILY
Financial markets were set to resume normal trading Wednesday, after a two-day hiatus forced by Superstorm Sandy.
The Nasdaq OMX Group and NYSE Euronext announced U.S. stock, options and other related markets would have normal schedules and procedures Wednesday morning.
CME Group said futures markets would also resume a normal trading schedule. Stock and options markets have been closed, and futures markets were closed during the day, trading electronically between 5 p.m. and 8:15 a.m. CT Monday and Tuesday due to Sandy. The bond market, closed since early on Monday, will open with a normal schedule.
Sandy’s storm surge continued to cause flooding, primarily in New York and New Jersey, and to pour rain over a large portion of the eastern seaboard.
The Case Shiller 20-City index, released Tuesday morning, showed home prices rose 2% in August, with 19 of 20 cities surveyed showing monthly increases. Analysts had forecast a 1.5% improvement. Prices surged 18.8% in Phoenix, its fourth consecutive double-digit increase and the best performance of the 20 cities.
Earnings reports continued to roll out Tuesday, largely unaffected by the storm. Ford, (F) BP (BP) and Allergan (AGN) were among the companies to top expectations.
Disney (DIS) reported it would pay $4.1 billion to acquire San Francisco-based Lucasfilm. The production company that created the Star Wars film series is owned entirely by founder George Lucas.
Investors are bracing for a hectic trading session when markets reopen Wednesday. Two days of sidelined trading, responses to earnings reports and reactions to the effects of storm damage will all come into play.