Back To Business For New Yorkers – Goodbye Irene

New York City woke up this morning slowly getting back to business as hurricane Irene passed the area on Sunday. Monday promises to be an extraordinarily difficult commute. Hundreds of thousands of people who normally commute into the city from the surrounding areas wake up to flooded out transit routes.

In New York, subways and air travel at major airports have resumed, but there will be major delays and overcrowding. Commuter rails from New Jersey to New York have been suspended indefinitely. Traffic has been unusually heavy on Manhattan’s West Side Highway. Many people found themselves having to resort to driving instead of using public transportation.

Wall Street was largely unaffected by the storm with only some minor flooding. Traders were nervous on Friday wondering what the weekend was going to bring.

New York Mayor Michael Boomberg said there were no reports of death and only some very minor injuries in the city.

Irene has now been downgraded and no longer poses any threat to the eastern United States. Although Irene is now history, she leaves record flooding and severe damage in her wake. At least 21 deaths have been attributed to Irene thus far.

Irene brought wind gusts of over 100 mph, rainfall totals of more than a foot and battering waves along the coast from Georgia all the way up the eastern seaboard to Maine. It is estimated that she leaves billions of dollars worth of damage for residents and officials to start the clean-up process over the next few days into weeks.

So far this year, the weather has proved to be quite extreme bringing $35 billion dollars in losses from floods, tornadoes, and the extreme heat that has plagued the country. These totals do not reflect the round of damages from Irene.

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About Kyle Pinder

Kyle Pinder has has over five years trading and research experience in the large cap space. While still in grad school, Kyle trades daily and keep Active Investor up to date with the latest breaking news coming out of Wall Street and Washington.

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