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Tuesday Morning Business Brief

October 30, 2012, 5:37 AM

Tuesday Morning Business Brief

Stock trading will be closed in the U.S. for a second day today because of Hurricane Sandy. Officials with both the New York Stock Exchange and Nasdaq sy they hope to reopen on Wednesday.

  • Analysts say there should be no major long-lasting impact to the U.S. economy from Hurricane Sandy. It is not seen challenging the record-breaking toll from Hurricane Katrina in 2005, which cost $108 billion and caused 1,200 deaths.
  • Trading on international stock markets is subdued today after a massive storm slammed into New York and forced a drenched and darkened Wall Street to suspend operations for a second day. What trading there was treaded upward. Benchmark crude oil for rose closer to $86 per barrel. The dollar fell against the euro and the yen.
  • Before the approach of Hurricane Sandy, the Conference Board decided to postpone release of consumer confidence data. It has been set for release today, but is now scheduled for release Thursday. Standard & Poor's releases S&P/Case-Shiller index of home prices for August this morning. Also, the Labor Department says it still plans to release the October jobs report Friday. That will be the last employment report before Tuesday's election.
  • Japan's central bank is stepping in to try to help the country's economy by easing monetary policy. The Bank of Japan is expanding a government bond-buying program following news of a further decline in industrial production. The program is intended to encourage borrowing and spending.

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