Stocks closed higher on Wall Street Friday with the Standard & Poor's 500 ending the week nearly two points higher. Investors have piled into stocks at the beginning of the year after lawmakers reached a last-minute deal to avoid the "fiscal cliff."
The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria. It will be the first time since 1888 that the stock exchange closes for two consecutive days because of weather.
Stock futures were down Monday as Hurricane Sandy shut down the major US financial markets, the first unplanned shutdown since September 2001. Stock futures on the Dow slid 99 points in premarket trading, and several companies postponed earnings reports due to Hurricane Sandy.
Stock prices dropped Friday after the release of poor corporate earning reports from Microsoft, General Electric and McDonald's. All 10 industry groups in the S&P 500 fell, led by materials and technology stocks.
Though the media has focused on possible effects of the storm on the Republican National Convention planned to take place in Tampa beginning on Monday, others worry about flooding and damage elsewhere.