Authorities in the US have announced that that the New York Stock Exchange and other intuitions will remain closed on Monday as a precautionary measure for the Hurricane Sandy.

The operator of the NYSE and exchange operators Nasdaq OMX Group and CME Group announced the decision on Sunday. The operators have also indicated that the markets might also remain closed on Tuesday, according to the situation. They said that they have discussed the matter among each other and with the regulators and government officials before taking a decision.

NASDAQ's financial institutions in the US will remain closed while the market it owns outside the US will work on Monday as usual. This is the first time that financial institutions have decided to remain closed due to weather related issues since Hurricane Gloria on September 27, 1985.

A host of companies have said that they have delayed the release of their quarterly financial results due to the Hurricane. The super storm, as it is being called, is expected to hit the US east cost on Monday evening. Officials are warming of torrential rain, high wind, severe flooding and power outages during the time.