Hurricane Sandy's impact on U.S. economy

(CBS News) Meteorologists have warned against the possibly massive "destruction potential" of Hurricane Sandy on the ground, but the storm is already having an impact on the U.S. economy too. CBS News business and economics correspondent Rebecca Jarvis discussed the effects of the brewing storm on the stock market and domestic economy, Monday on "CBS This Morning."

Jarvis told Charlie Rose and Norah O'Donnell that in 2011, Hurricane Irene cost the U.S. as much as $15 billion. She added that companies that have been hit hard by the downturn in the housing market, such as Home Depot and Lowes, could see a big uptick in sales due to Hurricane Sandy, as consumers have been stocking up on supplies -- like batteries and flashlight -- and lumber.

The New York Stock Exchange shut down on Monday and might remain closed through Tuesday.

It's extremely rare we see something like this," Jarvis said of the Wall Street closure. She added that the last time the NYSE was closed for weather was in 1985 and that as a result, "we're going to see very low volume" of trading early this week.

Comments

CBSN Live

pop-out
Live Video

Follow Us

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

The Newsroom