The full effects of Hurricane Sandy on the U.S. economy won’t be known for days to come. But those effects are certain to spread broadly.
I talked to the chief executive of a local investment firm today who pointed to some ripple effects if the stock market’s closed Wednesday, for a third straight day.
“I am sure that there are many many dealers wanting to balance inventory positions and have a good ‘mark’ for month-end,” he said. “I doubt many traders went home last Friday thinking they would have to hold their current positions through month-end and price them as of last Friday’s close, but I could be wrong. Also, the last few days of every month are typically much busier than the first few days….this will also show up in revenue numbers…only catch here is that October had a lot of trading days in it already so the loss of revenues may not be as pronounced.
“Bottom line is that brokerages are no different than any other business….you have to be open to make money.”