Wall Street still shut, exchanges test systems

Hurricane Sandy has closed the financial markets in New York City for at least two days marking the first time in 27 years weather has forced a shutdown of the world's financial capital. Anthony Mason reports on the economic impact.

NEW YORK New York's financial district is still largely without power after Hurricane Sandy shut down operations, and U.S. stock exchanges are testing contingency plans to ensure trading resumes as soon as possible this week.

U.S. markets are closed for a second day, but the New York Stock Exchange said that despite reports that its historic trading floor suffered irreparable damage, no such damage occurred.

Futures trading closed at 9:15 a.m. Eastern Tuesday, though volume was very light.

Dow Jones industrial futures rose 8 points to 13,062. The broader S&P futures added 3.5 points to 1,411.10. Nasdaq futures slipped 3.75 points to 2,655.25.

The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria, and it is the first time since 1888 that the exchange will have been closed for two consecutive days because of weather. The cause then was a blizzard that left drifts as high as 40 feet in the streets of New York City.