The bell rings again; NYSE opens but under new rules
Published 10:13 am Tuesday, May 26, 2020
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By MATT OTT
AP Business Writer
NEW YORK (AP) — The trading floor of the New York Stock Exchange opened Tuesday for the first time in two months, but its controlled chaos will be more subdued.
The floor, known worldwide for the anarchic atmosphere of traders shouting orders over one another, has been closed since mid-March due to the coronavirus outbreak. The NYSE says fewer traders will be on the floor at a given time in order to support six-feet social distancing requirements. They also must wear masks, so no “verbal interest” orders will be allowed.
Anyone entering the Exchange at 11 Wall Street is also being asked to avoid public transportation and will have their temperature taken before entry, said Stacey Cunningham, president of the NYSE.
“We will respect the sacrifices of frontline workers and the city at large by proceeding cautiously, limiting the strain on the health-care system and the risk to those who work beneath our roof,” Cunningham wrote in a Wall Street Journal op-ed.
Cunningham said most of the areas outside of the trading floor will remain empty and the majority of employees will continue to work remotely.
Designated market makers, which oversee the trading of the NYSE’s 2,200 listed companies, will continue to do so remotely and electronically as they have been since March 23.
The reopening comes at a time when many areas of the U.S. are starting to lift shelter-in-place orders and allowing businesses to open their doors again even as other areas of the country are seeing no drop-off in confirmed coronavirus cases.
On Tuesday, however, the World Health Organization said that the world remains mired in only the first stage of the pandemic, putting a damper on hopes for a speedy global economic rebound.
Worldwide, the virus has infected nearly 5.5 million people, killing over 346,000, according to a tally by Johns Hopkins University. Europe has had about 170,000 deaths and the U.S. has seen nearly 100,000. Experts say the tally understates the real effects of the pandemic due to counting issues in many nations.
There was some optimism about the race for a vaccine. Dow futures surged more than 600 points with less than a half hour before the opening bell.
The NYSE is owned by Intercontinental Exchange, based in Atlanta, Ga.
