Stock Market Remains Closed, Bond Trading Reopens
The U.S. stock market will remain closed on Thursday. New York Stock Exchange Chairman Richard Grasso has indicated that equity markets will resume trading no later than Monday, and may resume on Friday.
Mr. Grasso stated, "It is clearly the goal to bring this market up as quickly as humanly possible."
Fears for a steep drop in stocks when the market reopens have been assuaged by the performance of the European market, which ended higher on Wednesday. Asian markets, on the other hand, fell Wednesday, with the Japanese Nikkei average dropping below 10,000 for the first time in 17 years.
In related news, U.S. Treasury trading resumed today. Treasury prices were frozen mid-morning Tuesday when trading was suspended.
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Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.