Mar 18, 2020 - Economy & Business

New York Stock Exchange to temporarily close trading floor due to coronavirus

Photo: Spencer Platt/Getty Images

The New York Stock Exchange announced Wednesday that it will temporarily close its trading floor and move to electronic trading starting Monday due to concerns over the spread of the coronavirus.

Why it matters: New York is one of the epicenters of the coronavirus outbreak in the U.S. The city has already shut down public schools, banned gatherings of more than 50 people, and forced restaurants to offer only takeout and delivery.

What they're saying: “NYSE’s trading floors provide unique value to issuers and investors, but our markets are fully capable of operating in an all-electronic fashion to serve all participants, and we will proceed in that manner until we can re-open our trading floors to our members," NYSE president Stacey Cunningham said in a statement.

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Trading halted as U.S. stocks plummet

Traders work the floor of the New York Stock Exchange. Photo: David Dee Delgado/Getty Images

The stock market fell as much as 7% on Monday morning — a decline so steep that trading was halted for 15 minutes.

Why it matters: The massive sell-off points to Wall Street's anxiety about the global economy. The steep declines come as Saudi Arabia launched an oil price war against Russia over the weekend, while the coronavirus outbreak worsened.

More firms throw weight behind new Wall-Street backed stock exchange

Photo: Carl Court/Getty Images

Goldman Sachs and JPMorgan are joining the list of banks, brokerages and trading firms that back the Members Exchange, or "MEMX" — a new stock exchange that says it will go live in July and challenge incumbent exchanges by charging lower fees.

Why it matters: MEMX, which is still awaiting regulatory approval from the SEC, could be a formidable competitor to the entrenched "big three" stock exchanges.

New York City coronavirus shelter-in-place decision expected within 48 hours

New York City Mayor Bill de Blasio said Tuesday that a decision will be made within the next 48 hours on whether to order the city's more than 8 million citizens to shelter in place amid the ongoing coronavirus outbreak.

Why it matters: New York has already shut down public schools, banned gatherings of more than 50 people and forced restaurants to offer only takeout and delivery — but this would be another more drastic step for the nation's most populous city.

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