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Jim Paulsen, chief strategist at Wells Capital Management, agreed, but for a different reason
-- the economy. "It's not just about trading; it's about confidence," Paulsen said. "We're watching these horrific images of the storm, and people are thinking whether they should go ahead with that big purchase they were thinking about. It doesn't do any good to have another day with headlines saying the U.S can't figure out how to open its stock exchange." The exchange spent much of Tuesday testing its trading systems using its all-electronic Arca system. But Leibowitz, the chief operating officer, said there would be enough traders and market makers on the floor of the exchange tomorrow
-- 100 or so, he estimated. He said many are staying in nearby hotels. The exchange also tested to see whether fuel trucks could get to the exchange despite flooded highways, tunnels and bridges. Leibowitz said the trucks were able to arrive, and the exchange took the opportunity to top off the tanks for the backup generators. The exchange can operate for 40 hours on backup generators before refueling. "It's not like your car," he said. "You don't wait until fuel light goes on." Thomas Caldwell, chairman of Caldwell Securities, said he was concerned there would be a big news event that would change investors' opinions about stocks during the shutdown. That could have led to a flood of orders to buy or sell stock when the market reopened. Luckily, that didn't happen. "Europe is still Europe, Japan is still Japan," he said. In addition to the halted trading, dozens of companies postponed earnings reports this week because of the storm. In Europe, though, business went on as usual Tuesday. Stock markets rose broadly after falling the day before. Trading was subdued in the wake of the storm. Britain's FTSE 100 index rose 0.9 percent, Germany's DAX rose 1.1 percent and the CAC-40 in France was 1.5 percent higher. Crude oil rose 14 cents to settle at $85.68 in electronic trading on the New York Mercantile Exchange. U.S. bond trading was closed Tuesday. It will resume Wednesday.
[Associated
Press;
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