New York Stock Exchange reopens in wake of superstorm Sandy

(CBS News) Financial markets reopened Wednesday morning after the longest weather-related closure in over 100 years.

Lower Manhattan, including Wall Street, is still without power, but the New York Stock Exchange is up and running on a generator and CBS News business and economics correspondent Rebecca Jarvis reported that NYSE personnel tested all of their electronic systems on Tuesday.

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Approximately 50 personnel from the NYSE stayed at the exchange overnight and carpools and hotel stays were arranged to ensure that traders could arrive at the exchange by the opening bell on Wednesday. NYSE's chief operating officer told Jarvis that they have done everything can to make sure that trading would at 9:30 a.m. ET on Wednesday morning and New York City Mayor Michael Bloomberg rang the opening bell.

The stock market will be closely watched Wednesday as the city is reeling from a storm that caused up to$50 billion in damages and ranks among the top five most expensive hurricanes in U.S. history. There is a bright spot in the economy, however -- so far, Sandy has been a boost for hiring in the hardest-hit regions in industries directly involved in the storm recovery efforts.