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Hurricane recovery means struggles for some, but jobs for others. Here's the Wednesday Bloomberg After The Bell Report from the New York Stock Exchange.
It was an important day on Wall Street as markets reopened after superstorm Sandy wiped out two days of trading. New York City Mayor Michael Bloomberg rang the opening bell. The stock exchange was operating on generators, a sign of the significant pressure to get the financial markets back on track as the eastern seaboard shifts into recovery mode.
One of the largest market makers, Knight Capital, shut down stock trading after backup power failed at its headquarters in New Jersey. In the end, stocks closed mixed after a see-saw session that saw gains for Home Depot and Lowe's on speculation they'll be helped as the rebuilding effort gets underway.
It’s still too early to tell, but Sandy may cut U.S. economic output by $25 billion in the final months of 2012. That's the estimate from IHS Global Insight. Retailers, restaurants and gas stations likely won't make up losses, but the construction industry should benefit from the rebuilding set to happen in the months to come.