Hurricane Sandy won’t make landfall on the East Coast until late tonight at the soonest but it’s already having an impact on Wall Street, as trading has been suspended on the New York markets. Jim Tausz, a financial adviser in Clarion, says if the storm lives up to the hype, it could be very costly.
“It’s going to have an impact on certain companies,” Tausz says. “You have companies shutting down and that affects the bottom line. It’s going to be, obviously, negative. You’re going to see insurance companies get hammered pretty hard if this thing gets really out of hand over there.”
He says utilities, too, could take a financial pounding from the looming storm.
By Pat Powers, KQWC, Webster City