Wednesday, October 31, 2012

Wall Street Turns The Lights Back On: Gas, Lumber Futures Soar

Posted By on Wed, Oct 31, 2012 at 1:05 PM

Wall Street came back to life this morning after shuttering for its longest weekday shutdown in more than a century.

Shares moved immediately lower in the shadow of Hurricane Sandy, which has killed at least 50 people and may cause up to $15 billion in insured losses.

But U.S. gasoline futures surged in the face of potentially long-term supply disruptions. Those futures hit their highest level in more than two weeks.

Additionally, lumber futures soared on expectations for increased demand.

As the New York Stock Exchange re-opened, not everything was back to normal. Cellphone reception was sketchy on the NYSE floor as traders headed to exits to make calls, email or text.

Of local interest, Micron shares held steady on the NASDAQ exchange at $5.46 per share as Hewlett-Packard dropped 23 cents to $13.86 per share as of midday.

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