Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Companies & Industries

Packed Trading Week Kicks Off


New York City Mayor Michael Bloomberg speaks with Louis Pastina, executive Vice President of NYSE Operations on the floor of the New York Stock Exchange on Oct. 31, 2012

Photograph by Stan Honda/AFP/Getty Images

New York City Mayor Michael Bloomberg speaks with Louis Pastina, executive Vice President of NYSE Operations on the floor of the New York Stock Exchange on Oct. 31, 2012

10 a.m., Oct. 31, 2012 — When New York Mayor Michael Bloomberg rang the opening bell at the New York Stock Exchange this morning, it ushered in what is likely to be one of the most concentrated weeks of activity traders have ever seen.

Market closures are rare—the last time extreme weather shuttered the markets for two consecutive days came more than a century ago, in 1888. This one, during the worst of Hurricane Sandy’s assault on the East Coast, comes at an especially packed time of year.

On Friday, the U.S. Labor Department is expected to announce its monthly jobs report as scheduled, a release that reliably jolts the markets.

Earnings season is still upon us. General Motors (GM), MasterCard (MA), GlaxoSmithKline (GSK:LN), and others released their quarterly numbers this morning. Tomorrow, Exxon Mobil (XOM), Pfizer (PFE), Cigna (CI), and others will follow suit; and on Friday investors will see figures from companies including McGraw-Hill (MHP) and Chevron (CVX).

Because of Sandy, managers of more than 1,500 mutual funds have just one day, instead of three, to adjust portfolios before the end of their fiscal year, Bloomberg News reported today. That period typically includes a flurry of activity.

Traders will also get their first crack at reacting to news that broke during the storm, including Apple’s (AAPL) management shakeup and Disney’s (DIS)$4 billion purchase of Lucasfilm, as well as make bets on companies directly affected by Sandy’s damage, such as insurers and construction firms.

Oh, and Americans will elect a president on Tuesday. The markets may possibly take note of that.

—Nick Summers

Summers_190
Nick Summers covers Wall Street and finance for Bloomberg Businessweek. Twitter: @nicksummers.
More News: Hurricane Sandy NYSE

LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus