New York climbs back to life as markets reopen

THE NEW York Stock exchange re-opened yesterday after a two-day closure caused by Hurricane Sandy.

Although much of the city remained without power, and a severely reduced transport system was in place, New York’s financial hub returned to life with many returning to work despite offices relying on backup power.

After New York’s mayor Michael Bloomberg opened the stock exchange, the day saw trading largely flat, with gains from home repair store company Home Depot and generator supplier Generac offset by losses from tech stocks.

Facebook employees were able to sell shares in the company for the first time as an enforced “lock-up” period ended on Monday, and the social network’s price fell four per cent. The market also reacted negatively to Disney’s takeover of Star Wars maker Lucasfilm, sending shares down two per cent.

Barack Obama’s campaign plans were halted for the third day running, as the president visited disaster-struck areas of New Jersey. The death toll rose to at least 64.

The city’s JFK and Newark airports re-opened with a limited service, while the subway service is set to resume today after mass flooding on Tuesday.