The New York Stock Exchange Is Back

Daniel Fowler
May 28, 2020

The comeback story: In an opinion column for the WSJ, NYSE President Stacey Cunningham wrote, "Two months later, we've learned a lot".

Traders wait in a physically distanced line to enter the New York Stock Exchange on May 26, 2020.

The NYSE operated nearly seamlessly during its electronic-only trading period, even with record volumes, volatility, and a 37% rally on the benchmark S&P 500 index, which broke back through the 3,000 level on Tuesday, before dipping back below ahead of the market close. The NYSE says fewer traders will be on the floor at a given time for now in order to support six-feet social distancing requirements.

All people on the floor must wear masks and have their temperature taken before they are allowed in.

"It's clearly an exciting time", Jonathan Corpina, a trader with Meridian Equity Partners, said from Intercontinental Exchange Inc's NYSE floor.

Most of the NYSE's designated market makers, who oversee trading in the exchange's 2,200 listed companies, are still working from home, as are most exchange employees.

Traders on the flooring have to additionally stay clear of taking public transport, a restriction that has actually shown debatable. Cunningham has stated that safety measures will be put in place, which will limit the possible strain put on the American healthcare system.

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According to scientists at Johns Hopkins University, New York is the worst-hit U.S. state without a doubt, with greater than 362,000 validated coronavirus instances as well as around 23,500 fatalities.

It is a super major concern as much of NY still sits dormant under coronavirus restrictions after being the hot spot of cases in the United States. This would permit manufacturing, construction and curbside pickup from non-essential retailers.

"The New York Stock Exchange facade is the face of capitalism, and the economy more broadly, and so recognizing the fact that we can set an example for how America should reopen slowly, cautiously, flexibly, ready to move as needed is an important thing for our economy", she explained. But in the years since, the rise of electronic trading from computer terminals grew to dominate the action on Wall Street.

There was some optimism about the race for a vaccine. Infections have also climbed in the east as migrant workers stranded by lockdowns returned to their native villages from India's largest cities.

President Donald Trump touted the latest surge as a sign the "Transition to Greatness has started", he said on Twitter.

Investors viewed pictures of mass gatherings over the Memorial Day Weekend "as more a sign of pent-up demand that is going to be good for the economy than a no-no in terms of public health risk", said analyst Patrick O'Hare.

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