America's NYSE and Nasdaq stock markets will be closed on Monday and possibly longer as Hurricane Sandy is expected to hit New York city and the US financial quarters early this week.
“We support the consensus of the markets and the regulatory community that the 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,” NYSE Euronext said in a statement.
Nasdaq said its decision to halt trading was made in consultation with other US exchanges, government officials and regulators, including the Securities and Exchange Commission (SEC).
“The continuity of our markets and a variety of factors related to Hurricane Sandy's movement up the Eastern Seaboard were considered, including the state of emergencies declared by New York City, New York State and other state and local governments," the Nasdaq said.
Hurricane Sandy is expected to make landfall near New York on Monday or Tuesday and blend with two cold fronts to yield a powerful storm.
Meanwhile, Russian flag carrier Aeroflot cancelled Monday flights to New York due to Sandy.
Moscow's Sheremetyevo international airport, the airline's home base, has cancelled flights SU 100, SU 4040 and SU 102.
Flights to Moscow from New York are expected to arrive on schedule.
Flight operations have been halted at New York airport, the nation's busiest airspace.
Mass transit systems in New York have also been paralyzed, with more than 8 million commuters left without service.
US President Barack Obama had to cancel some of his campaign events on Monday and Tuesday due to the approaching hurricane.
