After a two-day hiatus, thanks to Hurricane Sandy, the market was officially back in action yesterday.
According to Reuters, “the exchanges as a whole seemed to take the re-opening in stride… Stocks drifted lower after a positive start but finished close to the where they started in a light volume day.”
The storm itself was in part responsible for that decrease in activity, as some investors have likely “decided to count the cost of damage to their property after Sandy swept through the East Coast, adding to the light volume session.”
Indeed, the storm could turn out to be one of the most expensive on record.
As Tom Larsen of Eqecat says, “It’s certainly one of the strongest in the last few years, what we’ve seen. Hurricane Ike in 2008 was about $12 billion in insured losses. Hurricane Irene from last year was in the order of $6 billion.”
If you’re concerned about the current market action, though, don’t worry!
Louis Basenese is pointing out 10 reasons why the market rally is bound to last through the end of the year. Here are the first five.