Updated 10/31/2012 05:38 PM
NYSE Navigates Markets For First Time Since Storm
Even with hundreds of thousands of customers still without power in Manhattan, the New York Stock Exchange got back on track Wednesday -- the first time since Sandy's arrival in the city. NY1's Diane King Hall filed the following report.
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The New York Stock Exchange is open for business again after a near unprecedented two day shut down. The last time the exchange closed for whiplash weather was during the blizzard of 1888.
Mayor Michael Bloomberg rang the opening bell, urging the financial industry to keep the rest of the community in mind.
"The city is back in business, but still some people are suffering and we gotta make sure we don't forget them, we got to keep rebuilding," Bloomberg said.
Although much of the area is still in the dark the NYSE is operating on generators. Its closure this week marks the first time the exchange has shut down since the terrorist attacks of September 11th.
While open for trading, the Big Board is not quite operating at full speed with technology hurdles still hitting some firms. NYSE Chief Executive Officer Duncan Niederauer played a key role in getting the exchange back open.
"The only real issues we had inside the building today were, depending on which Internet carrier you had as a broker, you may not of had Internet access today. So we're working with the carriers to figure out and the service providers to figure out what's going on there," Duncan explained.
Even though it was a challenge to operate the building as well as get people there, a critical mass was reached, the exact figure needed: A little more than 100 key players.
"Yeah well we're glad to be back for sure. I think it's a little bit slower than it would have been had we not had this catastrophe. Outside, all our internal systems are working, we're still having some internet connectivity problems," said Doreen Mogavero of Mogavero Lee & Co.
While there's still no word on when the area will get full power and transportation, those who work at the exchange welcome a semi-return to normalcy.