The New York Stock Exchange plans to shut down its floor, but will be open for electronic trading Monday as Hurricane Sandy makes landfall on Monday
NEW YORK (CNNMoney) -- U.S. stocks will open for electronic trading on Monday, as Hurricane Sandy is expected to hit New York.
The New York Stock Exchange is temporarily closing its trading floor on Wall Street because of its proximity to evacuation areas in New York City.
New York has declared a state of emergency and the city suspended subway service starting at 7 p.m. on Sunday. (Look ahead to stocks: Key jobs report)
All NYSE-listed securities will trade on NYSE Arca, the company's fully electronic exchange until further notice, the NYSE said in a statement.
The exchange originally planned on staying open, but made an announcement Sunday afternoon to close its building after the surrounding area was evacuated. New York Gov. Andrew Cuomo said that subways, buses and railroad service will be suspended until further notice.
NYSE's move isn't expected to affect trading volumes. Not much stock trading takes place in the floors of the exchange itself, because investors trade from computers globally.
CME Group's Nymex trading floor in New York, which trades oil futures, will be closed because it is headquartered in New York City's mandatory evacuation zone. CME's electronic markets will open at the regularly scheduled time.
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NYSE rarely shuts down for weather-related emergencies: Hurricane Gloria in 1985, and a snowstorm in 1969 mark brought the exchange to a halt.
The Nasdaq stock market, which trades many technology stocks including Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500), said it plans to open for business as usual on Monday.
"We're monitoring the situation and coordinating with the other exchanges," said Joseph Christinat , a Nasdaq spokesperson.
Some companies with offices in the flood zone in lower Manhattan, like American Express (AXP, Fortune 500), have closed their New York offices on Monday.
First Published: October 28, 2012: 2:12 PM ET
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