Just in time for Halloween the east coast of the U.S. is facing a monster of a storm with Hurricane Sandy. This storm could be one of the worst to hit the U.S. Many will recall that Hurricane Katrina, which hit the U.S. back in 2005, was a category five storm. Hurricane Sandy is currently only a category one storm but what it lacks in power it will make up for in sheer size. Sandy is more than 700 miles across and will drench the eastern seaboard and put 50 million people at risk.
Hurricane Sandy is a HUGE storm!
Determined to avoid the criticism that plagued President Bush and the government's response to Katrina, President Obama has already declared emergencies in several states including, Connecticut, Massachusetts, New Jersey, New York, Pennsylvania, and Rhode Island. One of the biggest worries is the potential for the storm surge to push 8 feet to 10 feet of water past the beaches and into these heavily populated regions.
The major U.S. stock exchanges, the NYSE and the NASDAQ, have both closed trading today (Monday) and Tuesday due to safety concerns. According to CNBC this is the first two-day shutdown for the stock market due to weather since the year 1888.
You can keep up to date on Hurricane Sandy on this page at Weather.com.
For all of our friends and readers on the east coast, please stay safe!
The newsletter should get back to normal on Wednesday when the markets re-open. We will still be posting a brief market commentary, mostly news related, each night to keep you up to date.