Binghamton, NY (WBNG Binghamton) The stock market was closed today and yesterday, so what kind of an impact will this have on the economy?
The stock market exchange is losing about $1 million per day in fees and the hurricane will probably lead to a more volatile market, meaning more trades.
However, this doesn't mean that the market will decline, hurricanes don't tend to do that.
The first three months after Katrina hit the S&P 500 went up 4%.
There will be a number of stocks affected both positively and negatively.
Stocks like restaurants, banks, and movie theaters are likely to take a hit due to money lost, and obviously not many people will be heading to the movies or attending restaurants in New York City for at least a few days.
"In every situation or every natural disaster there's the positives and the negatives. And some stocks are going to do well. You might even see some oil stocks that are going to be impacted by this because they just can't get to people. And we're probably looking at higher gasoline prices for a little bit," said financial expert Glen Wood.
Stocks like Home Depot will likely go up due to people rebuilding.
Also, insurance company stock is expected to decline, at least initially.
The stock market is expected to re-open tomorrow.