What you need to know about a halt to stocks trading halt
The stock market has temporarily halted trading, after a series of severe storms hit the country.
The storms caused massive power outages in the Midwest and Northeast.
In the U.S., the Dow Jones Industrial Average fell more than 2,000 points, the S&P 500 fell almost 1,000, and the Nasdaq Composite dropped more than 7,000.
With the markets shuttered, many of the big banks are temporarily shuttering their operations.
For many, the news comes as a shock.
“I’m just so disappointed to hear that it’s a stop, not a halt,” said Mark Jaffe, an analyst at Sanford C. Bernstein.
“If they had not put in the power to do that, I don’t think they would have had the chance to do it.”
The stock market is not the only one impacted.
The Nasdaq was down nearly 1,300 points.
The Dow dropped more then 10,000 and the S & P 500 fell nearly 8,000 after a week of severe weather.
The U.N. is warning that “significant impacts” will result from the severe weather and storms that hit the region.
“We will see a lot of financial markets affected by this,” U.K. Foreign Secretary Boris Johnson said in a statement.
“This is the worst weather we have seen since the financial crisis.”
A few days ago, the Federal Reserve was forced to postpone its two-day policy meeting.
It said the central bank could move the next policy meeting back up to March, as well as an event in late April or early May.
Many people are concerned about what they will do if the economy fails, said Peter Van Valkenburgh, a senior research fellow at the Peterson Institute for International Economics.
When will it really start to hurt again?
Vanderburgh said that while it’s important to recognize the magnitude of the disaster, it’s also important to remember that most of the major U.A.E. nations are experiencing the same weather.
There is a lot that can be done, he said.
The stock markets will reopen in two to three weeks, according to Bloomberg.