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Monday, October 29, 2012

Sandy Shuts Down Wall Street

News summary by MFWire's editors

The mega-storm Sandy has essentially shut down the Northeast, including much of Wall Street.

According to the Wall Street Journal, the looming hurricane Sandy triggered evacuation rders for hundreds of thousands of residents, the cancellation of nearly 8,000 airline flights and the mass closure of schools and public transit systems.

Moreover, the Journal reports that Stock and options exchanges and their regulators will close U.S. markets on Monday, the first unscheduled, market-wide shutdown since September 2001, as Wall Street braced for Hurricane Sandy's approach.

According to Bloomberg, Goldman Sachs will remain open for business but will have people working remotely.

According to a factbox of Wall Street’s plans provided by Reuters, the following firms would be closed: JPMorgan; Bank of America, Credit Suisse, Blackstone; and Wells Fargo.

According to Bloomberg, , Sandy is strengthening as it approaches New Jersey. MarketWatch reported that it could be the largest storm in history to hit the Northeast.

Reuters provided this website for tracking Sandy.

SIFMA has made these recommendations for all trading today.

MFWire will report Sandy updates as they become available.

MFWire will remain publishing during the storm. If you have any update you want to get out to the mutual fund world, please send them to editors@investmentwires.com. 

Edited by: Tommy Fernandez

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