Sandy Keeps Stock Markets Closed

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The stock market remains closed today. In futures trading this morning (electronic), the S&P 500 futures closed 0.3% higher. Contracts on the NYMEX will continue to trade today (interest rate and commodity derivatives). The NYSE is trying to open in some form tomorrow for end of month trading, but no decision has been made yet.

Sandy made landfall in New Jersey, but has lost its hurricane status and is now classified as a storm. As many as 8 million people are without power.

Getting back to the economy, the Case-Shiller Home Price Index rose 2.0% in its latest reading.

Overnight in Asia, markets were mixed. The Bank of Japan launched its 9th easing operation of 11 trillion Yen, bringing the total to 91 trillion Yen. Also, the Bank of India lowered its cash reserve ratio 25 basis points to 4.25%.

In Europe, markets are higher after some blue chip companies reported solid earnings. Companies like BP, UBS, and Deutsche Bank all topped earnings estimates. In Spain, their flash GDP reading came in just above expectations but still contracted -0.3%.

Oil prices have eased back to $85.50 and gold prices are also a bit lower near $1708.

The 10-year yield is at 1.72% in electronic trading.

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Jordan Kahn

Jordan Kahn, CFA, is the President and CIO of KAM Advisors, a Beverly Hills, Calif., money manager. He previously was a managing partner with Beverly Investment Advisors. He also writes a daily blog called In The Money. Mr. Kahn holds a master’s in financial markets and trading from the Stuart School of Business at the Illinois Institute of Technology and a bachelor’s degree in economics and finance from the University of Colorado.