(NEW YORK) — The New York Stock Exchange will be shut down on Monday as New York City prepares for Hurricane Sandy.
In a statement, NYSE Euronext, the company that runs the exchange, said: “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.”
The storm is expected to make landfall late Monday night in Atlantic City, N.J., bringing with it life-threatening storm surges, forceful winds and rainfall that could cripple transportation and leave millions without power.
Transit officials in New York City shut down the subway system at 7 p.m Sunday. Other means of mass transportation into the city, including other railway and bus services, have also been suspended.
New York City Mayor Michael Bloomberg on Sunday ordered the evacuation of areas of lower Manhattan and the Rockaways.
“If you don’t evacuate, you are not only endangering your life, you are also endangering the lives of the first responders who are going in to rescue you,” Bloomberg said at a news conference. “This is a serious and dangerous storm.”
American Express, JP Morgan Chase and Citigroup are among many financial companies that decided to close operations in Lower Manhattan. Many of the businesses are in the storm-evacuation zone.
A decision about whether the NYSE will remain shut down on Tuesday will be made later.
Copyright 2012 ABC News Radio
Aaron Smith, CNN
Jeff Peterson, Deseret News
Madison Park, CNN