By Post Staff Report.

Sandy shuts down markets for 2nd day; first time since stocks closed due to weather | New York Post

Stock trading will be closed in the US for a second day Tuesday as Hurricane Sandy bears down on the East Coast. Bond trading will also be closed. The last time the New York Stock Exchange was closed for weather was in because of Hurricane Gloria, and it will be the first time since that the exchange will have been closed for two consecutive days because of weather. The cause then was a blizzard that left drifts as high as 40 feet in the streets of New York City.

The New York Stock Exchange and Nasdaq said they intend to reopen on Wednesday and would keep investors updated. Much of the East Coast was at a standstill Monday as the storm approached. Mass transit and schools were closed across the region ahead of the storm hitting land, which was expected to happen later Monday. The storm surge is already pushing water over seawalls in the southern tip of Manhattan.

CME owns exchanges that trade commodities, futures, options and securities related to interest rates. Bond trading will also be closed Tuesday. The Securities Industry and Financial Markets Association called for an early close to bond trading Monday, at 12 noon.

The yield on the benchmark year Treasury note was 1. European stock markets fell. The uncertainty generated by the storm comes at the start of a big week in the United States.

Some companies are postponing quarterly earnings reports scheduled for release early this week. So far, that includes Pfizer Inc. Burger King reported on schedule, and said its third-quarter net income fell 83 percent as revenue was hurt by the stronger dollar.

Adjusted results topped expectations, however. Even with many markets shut down, there was some encouraging news about the US economy Monday. The Commerce Department reported that consumer spending increased 0. That followed a 0. Personal income rose 0.

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