NEW YORK (CNNMoney) — U.S. stock exchanges will be closed Monday as Hurricane Sandy bears down on New York.
The New York Stock Exchange said in a statement late Sunday that will close its markets Monday. Markets are likely to remain closed on Tuesday as well.
The Nasdaq stock market, which trades many technology stocks including Google and Microsoft, will also be closed Monday. The exchange will later announce plans for Tuesday.
“Dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority,” the NYSE said in a statement.
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)
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.
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.
NYSE rarely shuts down for weather-related emergencies: Hurricane Gloria in 1985, and a snowstorm in 1969 mark brought the exchange to a halt.
Some companies with offices in the flood zone in lower Manhattan, like American Express, have closed their New York offices on Monday.
Goldman Sachs will be open for business Monday, though most of its New York employees will work from home due to its offices’ proximity to the evacuation zone and transit suspensions, according to a memo to staff obtained by CNNMoney and confirmed by a spokesman.
The firm will rely on its teams in London and around the world for support. The memo said that employees “deemed critical to the operation of the firm,” however, will be asked to go into its lower Manhattan offices Monday, but stressed that safety remains a top priority.
By Emily Jane Fox and Charles Riley
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