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Good news? Irene didn’t wash out markets


The U.S. stock market will open for a normal trading session today despite damage from Hurricane Irene, Reuters said.

Lower volume is expected, as are some delays in the opening hours for some markets.

The New York Stock Exchange (NYSE), the Nasdaq Stock Market and the alternative BATS venue said they will start the week as usual. IntercontinentalExchange said openings for some U.S. futures products will be delayed by one hour. The U.S. bond market will  operate as normal today, the Securities Industry and Financial Markets Association said.

The decision to open the market was made early Sunday afternoon after regulators, exchange officials and others met to discuss the storm and market operations.

But a Bank of America Corp. official said the company has not made a final determination on whether it will operate as usual today.

The storm has had little effect on the bank’s downtown operations, but Bank of America was awaiting word from New York city officials on when public transit will reopen.

The NYSE and broader U.S. marketplace are mostly automated, running quietly out of powerful data centers in New Jersey and elsewhere. Electronic trading is expected to function normally, but at lower volume because of low staffing levels, Reuters said.

Hurricane Irene battered New York City with heavy winds and driving rain on Sunday, knocking out power for some and flooding some of lower Manhattan’s deserted streets, including in the Wall Street district, Reuters said.

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