Preventing the spread of coronavirus is not limited to schools, churches, and sports. Groups over 10 should be avoided – and now that includes the New York Stock Exchange. All trading on the floor will stop as of this coming Monday.
Electronic Trading to Begin
Trading will continue through the NYSE but it will all be done electronically. It will be operating during the same hours.
The reason for the closure, although it had been discussed earlier but rejected, is that two people working at the NYSE have developed coronavirus. One of the people was an employee of the Exchange, but the other one worked on the floor.
The NYSE has been taking precautions to try and prevent coronavirus from getting a foothold in the building. Everyone that is walking into the building has their temperature checked, and these two employees had fevers and were prevented from going to work. After testing, they were confirmed as having the virus.
Other stock markets in the U.S. have also been shut down – some indefinitely. The NYSE has two other floors for options-trading. One is in New York and the other in San Francisco.
Some people in the stock market are calling for the closing of the NYSE during the crisis. With the markets falling, some want trading to be stopped altogether – which has happened before. This could leave the predicament of knowing exactly when to reopen.
Some Businesses Are Thriving
While most businesses that are still open have had to cut back on expenses or employees, some continue to thrive. One company that is looking to expand in this uncertain environment is Amazon. The giant company says that it is planning on hiring 100,000 new employees. No word has yet been given as to when the hiring will begin to take place – or where.
Amazon has announced that they have stopped receiving shipments of anything but emergency supplies. This move clearly shows that it is not being affected – yet – by the coronavirus and that they do not intend to be stopped or slowed by it. They seem to be one of the few large companies that have no plans to slow down.
Car Companies Shutting Down
Three of America’s large car manufacturers announced today that they will be closing their plants across the nation. They include General Motors, the Ford Motor Company, and Fiat Chrysler Automobiles. Even though some safety protocols have been developed, some workers have tested positive for the virus. Trading had been down for all three manufacturers.
Apple has closed all of its stores outside of China because of coronavirus but all of the 42 stores in China have reopened. So far, there is no timeline set as to when they might reopen. Apple products can be purchased online and will be able to get tech support or repairs online or through the phone.
While no one knows the extent of what will happen, Bill Ackman, the billionaire investor, has urged President Trump to shut the nation down. He urges that there should be a “Spring Break,” letting everyone go rent or mortgage free for a month. This will help coronavirus to be limited, he says, and it will give a tremendous boost to the stock market.