Bloomberg reports that not everyone is freaking out over the prospect of a little more snow and are in fact keeping fingers crossed they'll be forced to tell the wife/husband they're stranded for the night. 'Cause that's when the real party* gets started.
Weather advisories calling for as much as 20 inches of snow prompted firms such as New York-based Jefferies & Co. to reserve hotel rooms in Manhattan as a precaution if employees can't make their usual commutes. That's good news to traders who welcome an evening at the pubs.
"Bars and restaurants are the beneficiaries of the blizzards," said Doreen Mogavero, president and chief executive officer of Mogavero Lee & Co., a brokerage located on Broad Street in Manhattan. She plans to stay in the city tonight. "We always manage to make the best of it and have a good time -- good friends, some dinner and a glass of wine in a gorgeous blizzard."
*One night each year they get off from the nagging wife/fat husband and screaming children.
Equity trading slowed to 3.1 billion shares in the first two hours of trading today, down 15 percent from the average during the past five days, as the snow storm intensified along the East Coast, grounding thousands of flights and forcing schools and government offices to close. The Long Island Rail Road, the busiest U.S. commuter line, said it would add afternoon trains to accommodate workers heading home early.
"It's called snow whiskey -- you know you can't get out, so you use it as an excuse to stay awhile," said Kevin Joyce, a trader at Kellogg Partners Institutional Services LLC in New York. "I'm waiting to see what happens."