here. dagen: thank you, charles. we are covering hurricane sandy from all angles. including the financial angle. no stock market trading greatly exchanges holding a conference call just in the last hour. we have charlie gasparino in the studio with us. breaking news off of that call as the effort is going on to get the exchange up and running. connell: sandy shattering records. devon .5 million people without power on the east coast. it blocked roadways and flooded cars, in-home it will be a huge undertaking to get people's lives and businesses back to normal. dagen: both of the campaign candidates focusing on canceling events. one week to go until the election day. connell: we have an update coming up shortly from governor andrew coumo of new york. the national hurricane center releasing the latest update on

hurricane sandy. dagen: we are with our chief forecaster from weather.com. the storm is working its way in. reporter: is weakening pretty quickly. but it is really following apart fast. the next 24 to 36 hours, the major weather event from this is falling snow. now we have to deal with the cleanup operation. sandy is a storm that is long overdue. we have been overdue on the eastern seaboard, because we are in a cycle that the east coast should get hit. again, i have been stressing this. people that follow me over the years know that i have always wondered why we have never seen a storm that comes between bermuda into the mid-atlantic states. if you look at other areas, you have seen storms turn that way

out there. so if you want to look at the storm as far as historic perspective goes, the lowest pressure on tremper metric pressure we have ever had. secondly, the storm surge is the type of situation that we have never seen before. but it is a product of a combination of possibilities that a guy like me wonders why hasn't that happened? and it finally has. in terms of the impact, we will see less river flooding because it was a coastal event. >> that is true. what happened is we had a combination of hurricane irene and hurricane lee. that happened in 1955 with tremendous amounts of water build up. but in this case, it is the storm surge that did the dirty work because the way turned into the coast. again, i want to stress to people that heat and drought and

hurricanes along the eastern seaboard are something we will have to deal with for the next several years because of the overall pattern. cooling pacific very warm and women. then we will be back to where we were in the 60s and 70s again. dagen: left hook of the storm, the ride home untransformed hitting us in new york city. if anything, on the jersey shore, that is different than hurricane irene when we saw it. >> that is exactly right. the hurricane is pushing a hand of water up through. in the 1938 hurricane, it doesn't bring a whole heck of a lot. from the storm passed to the left, it does. 15 feet of water in providence, rhode island. imagine that. 3800 of an inch of rain. less than connecticut, all through the delaware valley, tremendous flooding going on there. the same type of thing.

you see the 10 inches of rain around dc and the wind on the other side. dagen: we have breaking financial news. joe, we thank you so much biju breaking news on the stock market and getting it reopened. >> analyst speaking to fox business network. the nypd says it looks like a normal opening. that means when they say normal, that means they will have to let a testicle on the system. it will tested to confirm all this. they are saying that the testing continues, but they are saying this. arquette is running. all smooth. if you were a betting man and woman, you would be betting that this thing is going to open and i would say yesterday was 99.9, i would say 99.999.

dagen: as you talk, charlie, let's roll this video in from the new york stock exchange to get an idea if there's any damage done by the weather there. shot by our producer. we just want to show people that this is what it looks like. this just came in from the area outside the exchange. physically they will be okay. right now, more breaking news in new york city where the mayor of the city, michael bloomberg is about to brief us on the latest. here he is. >> we are going to keep shelters open until people displaced by the storm can safely return to their homes or find some temporary housing. our first priority in the storm was in continuous effort to protect lives. that is why we ordered evacuation of the areas. area's. why we worked hard to get people out. sadly, the storm claimed the lives of people in the region,

10 throughout our city, and we expect that number to go up as information continues to come in. i do want to extend my condolences to all the families who lost loved ones in the storm. ask all new yorkers to keep them in our thoughts and prayers. in addition to the lives of we lost, the damage we suffered is clearly extensive and it will not be repaired overnight. two biggest challenges facing our city going forward to getting a mass transit system up and running. and also restoring power. this morning we have begun the work of clearing and reopening bridges. the best way to help us get done quickly is to get off the roads. the work is well underway. the bridges have already been reopened. the work of getting our mass transit grid for it in our power grid restored is going to take more time and a lot of patience. the ceo of the mta has described this as a worst disaster in

100 acres of the subway has been running. and coned has described as unprecedented in scope very clearly from the challenges that our city faces in the coming days is enormous. the mta and coned have dedicated workers and good leaders. they are working hard, and they will continue to work around-the-clock to get their systems fixed. our administration will move heaven and earth to help them so that we can get back up and running as quickly as humanly possible. the damages that they face really are enormous. here's the information that we have as of this moment. regarding coned in the mta, the most recent report has approximately three quarters of a million new yorkers without power. there are something like 30,320,000 areas without power for that is about 360,000 people

and many of them are in turn one. steam system south of 42nd street was shut down as a preventive death by coned. that affects heating, air-conditioning, air conditioning, ventilation systems, including many of our hospitals. because the shutdown preemptively, we are hopeful that the steam system can be restored fairly soon. i spoke to kevin for crop and any systems we can provide we will talk to him again later on. but i think it is fair to say that you should expect the extent of the damage, power may be out in lots of places, it will be out for two or three days or maybe even a little bit longer than that. there is extensive flooding in all under river subway tunnels. subway yards where rail trains are typically stored have also flooded. i don't think there was any damage done to the rolling stock, but the tunnels are

flooded, and that is going to be a real problem to get them back on. public transportation remains closed until further notice. there is no firm timeline for reactivation of bus or train service. but i am sure the mta will do everything they can. limited bus service perhaps this afternoon, and hopefully we will be able to announce restoration of most bus service by tomorrow. we certainly think the roads by tomorrow will be clear. and also free of water. major airports serving the metro area are closed today. runways are flooded and there are no flights leaving or arriving. how much damage was done to the navigation equipment and lighting around them, we do not know yet. to help people get around, i have signed an executive order that allows cats to pick up multiple passengers.

these measures will be in place as long as mta service is out. if you use one of these cars, please make sure that the car has a plc license plate. let me bring you up-to-date on our hospitals. nyc lingo and also had to be evacuated overnight. that is virtually complete. bellevue has lost power, but at the moment is going on backup power. coney island has been evacuated. the department of health is sending people to zone a. fortunately, as of now, there has been no storm related fatalities at any of them. there are more than 6100 people in our emergency shelters, and i am happy to say there are more

than 2200 city staff working in those shelters right now. a number of places lost power, but we were able to get generators going for power plants. the majority of those damaged by falling trees are in queens. please dial 311 per order down the trees or text that number. they represent a real and serious danger. we saw a tragic piece of that. yesterday, a damaged crane had required evacuation of the immediate vicinity. the department of building code has determined the crane is stable, but we cannot assess the crane and get the boom and strap it to the building and reopen the streets in over a period of time, the contracting company will have to figure out a way to

build a new crane on top and take that one down. schools, as you know, are closed today. announcing they will be closed tomorrow. as to city employees, here's what we told them. new yorkers need your help today. working for the city with an obligation to help others. if your office is open and if you can safely, and i repeat, safely -- get to work, if your office is closed and you can safely walk to a shelter to assist with operations, please do so. for example, all hra centers are open for the people who need to access benefits, including stamp vouchers for people who lost food as a result of the storm. in addition, we are beginning to reach out to small businesses and help them recover. and stay in business. 311 has long waiting times right now. please use it online or text 311. horizon had some problems with airlines, but we have managed to keep some of the lines open.

911 has been going without a hitch. delays are up to five minutes at one point, but it is reserved for only life-threatening things. not for a tree, please. we just have to make sure that if someone has a real emergency, we can do to them. in terms of real emergencies, if you see a power line down, don't go near it. we have had many people killed for we have had someone killed stepping in a puddle where a powerline had touched as well. we expect an unprecedented storm impact, and that is what we got here in new york city. while the worst is past, conditions are dangerous. we cannot stress that enough. some coastal flooding will be in effect today until about 3:00 p.m. we will update you if that changes. stay away from the parks. they are all closed. don't go near damaged trees, beaches, sidewalks or seawalls. people have lost their lives.

i know it's fun to look and challenge nature, but nature is a lot more powerful than we are. we just don't need any more fatalities. that is a recap of where we are. the biggest challenges going forward -- we will be getting our transit system and power grid up and running. we will do everything humanly possible to assist the mta and coned. dagen: as he said, mayor michael bloomberg, 750,000 people are without power. excuse me, 7 million people across the country without power. as we are reporting what the new york stock exchange, hoping for a normal opening of information. as they pump the generator to get it up and goading. connell: let's hope that it begins restarting sometime today. it is about getting people to work, or is it? charlie gasparino is standing by with more. it is about electronic trade.

charlie: that is right. there is no official word from the new york stock exchange. we are waiting on a press release or statement. this is what they are telling us. they cover the new york stock exchange because it is a publicly traded stock. this will impact the trading of that stock as well as others. they are saying that looks like a normal opening for wednesday. what does that mean? they have not given a type of guidance. when you think of the new york stock exchange, you think of the stocks and numbers. here is what they are saying, as they test today. the arca system, the electronic system, could not handle being open and working and being functional. everything is working all smooth. that is the word.

we are waiting on the official word. it is probably open for trading. i am sort of surmising from now. i will say this. this is what will be the new york stock exchange question that is asked. why did you shut down? the brokers complained. why? ten years, 11 years after 9/11, all of these companies are supposed to have plans to operate. the markets are not supposed to be down because of the storm. i am one of the people, the 750,000 new yorkers who are out of power. i walked to my apartment. connell: you make a good point that not working is not an option here. we have generators here. to make sure. dagen: for what it's worth, that truck, from what i'm told,

bringing the gas in to pump up the generator for tomorrow. that would lead you to believe that they are working as hard as they can. like i said, i walked from my apartment here. charlie: yes, i found a cab and i was in zone a. i saw the east river in my backyard. i'm right against the east river. it is a pretty scary sight. but you work through it. people get devastated. dagen: but this is not a new york institution. this is a worldwide, global exchange. people overseas are looking it up and saying, you did not learn your lesson after 9/11. charlie: people say, who cares about a couple trading days being out of commission?

well, people won't know the price of ibm for days. one of the thing about our markets is to know whether our markets are up or down. markets incorporate most of the information out there to give you an accurate price. they are not supposed to be down for two days. connell: wednesday, it looks like they're down. >> i'm saying that at least it's not going to be three days. charlie, thank you for a terrific report. dagen: physical training at the new york stock exchange, it resumes over the next few days and people have to be able to make their way in and out of the city. one of the places they will come from his long island. we have a gentleman from the town of islip. tony, what can you tell us in terms of assessing the damage in

islip? >> the storm has had a pretty catastrophic effect on the town of islip. the county and the barrier islands. about 60,000 people without power. systemized, close to a million people without power on long island. a very difficult situation. crews are ready to clear to trees with the power companies to make sure that we can get power back to homes. right now, they are focusing on nursing homes. certainly the barrier island, fire island, it has been pretty devastating from the weather, and they are still taking some have reserved out there. >> just her screen, you move these two nassau county. then the movies to sumter county. you are talking about fire island which is on the eastern

end of long island. what about all the towns, we have a national audience, but people will recognize some of the council will be affected the most. this is a storm surge story around the south shore of long island. >> absolutely. our interbay also experienced that flooding. the mainland as well as our barrier island have these flooding issues. honestly, affecting businesses. we have a regional airport here. macarthur airport. it is having its effect on business and government. we are responding as quickly as possible. obviously we have individuals helping us clean the road and making sure it is safe for people to get back and forth. connell: tony, this is dagen mcdowell. you know when they will clear the bridge to get that moving?

>> i spoke with the ceo of long island power authority. their focus is going to be in the next day or two on getting the hospitals and nursing homes established and clearing the major arteries of power lines. we will not be able to get into the neighborhoods that are affected. there are dozens of neighborhoods throughout the south shore until they are able to turn off the power and work on once. several days before residents should expect to see power. they are focusing on the other institutions first. dagen: tony, thank you. >> thank you very much. connell: new york city rescue workers still dealing with this. taking a live look at the crane on 57th street in the heart of manhattan. an astonishing, horribly awful sight as it collapsed yesterday. again, how will they deal with that as it still hangs

precariously in the air speech. dagen: we will talk about how the airlines are doing right now. how to get the plane off the ground. tens of thousands of flights have been canceled as a result of hurricane sandy. we will be right back on fox business [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks,

or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ? it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined.

>> at 25 minutes past the hour, i am updating you on super storm sandy, leaving people without power. the death toll is 18. travel is at a standstill as most major tunnels and bridges to and from the city remained closed. new york and new jersey officials said water damaged trains and buses could keep most of the system shut down for days. as a whole, more than 15,000 flights have been canceled due to the store. also here in new york, authorities are trying to figure out how to secure a construction crane that is dangling atop a high-rise. thousands were ordered to evacuate nearby buildings after the limbs of sandy snapback.

dagen: we will talk more about travel. it looks like for five days to get the subway system up and running. more than 15,000 around the country because of hurricane sandy. with the future holds for the airlines and air travel, is there anything that these airlines can do. again, all the airports here in new york city are shut down. >> let's remember we are looking at $175 million. of course, they can't afford that. but i think what you are looking at is the people are stranded. a lot of people never got out. within a week, we will be back to normal. but it will be a real financial

hit on a number of airlines, in particular, american, delta, and jetblue. >> we thank you for that comment on the airlines, but we have another breaking situation in new york. let's join the governor of the state, andrew coumo, sec's briefing in new york city. >> there were 156 rescue missions, it's fair to say that the nypd and national guard saved hundreds of lives yesterday. restoring power is going to be one of the major challenges for us. westchester was hit very hard. long island it really took the brunt of the burden. 2,023,000 are upstate, new york. 900 30,000 without power.

that is roughly 90% of the people on long island, believe it or not. 185,000. was going to make this more complicated is the states have a reciprocity agreement with others that when they have a process, they sent us their utility workers and vice versa. so many states were affected in this crisis. we are seeking utility workers as far away as texas and california. hopefully we have about 4000 utility workers will be coming to hell. this is going to be a serious problem. the national guard continued to be deployed. we are moving three limbs doing that kind of work to release wines. the restoration of power, we are going to ask the public service commission to oversee these utility companies in restoring the power.

and making sure that it is being done well and as quickly as possible. specifically, the long island power authority has had a very poor track record of restoring power. we will ask the chairman of pse to monitor that the power is coming on. in terms of buses, there will be a limited resumption of service started today. it is basically the sunday schedule. and hopefully there will be a full service on the buses. a little ray of light. no bus fares will be charged today or tomorrow as new yorkers are struggling to get their lives back in gear. the subways come when we talk about subway restaurant in.

joe lotus will talk more about this. it is going to be a restoration of parts of the system first. someone said to me last night who had years of experience that he had never seen damage like this before. it sounds like the decision to stop the service and move the buses to safer ground was truly a prudent decision. but even having done that, damage to the tracks, tunnels that are underwater. it is unlike the city has seen in decades. if ever. so that is an undertaking. in the preparation, the judgment was made was correct.

we were on it last night. i can tell you firsthand. they have done a great job and i know they will do the best they can to get the system up and running. as soon as possible. to give you an idea of the obstacles, metro-north has a 40-foot vote that is across the tracks. it is the little things that can cause a problem. all bridges will be re-opening at noon today, except the walkway bridges, which cannot be reopened. the brooklyn battery tunnel will remain closed. jfk, we believe, we will have more information on that shortly. we do not anticipate laguardia opening due to extensive damage.

he is being extraordinarily cooperative. i spoke with tim geithner yesterday about accelerating the return of wall street and we are cautiously optimistic that we will come back online tomorrow. the major problem with the flooding of the tunnels and the ground zero site and many buildings in downtown manhattan. the army corps of engineers is sending us their best national team. they call it the national on watering team. i didn't know there was such a name for a team, but honestly to new york, and we need them very badly. fema has also said set up a hotline for individuals. the fema hotline is

(##8)121-3622 i have been involved in disaster. i have seen all types of disasters. i was in hurricane andrew in homestead florida. i was in the red river floods. the midwest floods, entire cities wiped away. the earthquakes in california. i have to tell you what i saw last night. what went on and the south shore of long island. they were some of the worst conditions i have seen. the hudson river, downtown manhattan, it was literally pouring into the ground zero site. would such a force that we were worried about the structure of the pit itself. joe and i just happened to run

into each other in downtown manhattan. when i tell you the hudson river was pouring into the brooklyn battery tunnel like a river at high velocity, it was a frightening sight. while the hudson was coming over from the west from the, the east river was coming over from the east. the amount of water and the acceleration and the rising of the river was really frightening. the first responders response was as courageous as anything i have seen. because it was frightening. truly frightening. whenever you are thinking that you your body is taking you to a place of safety, here comes the river, run the other way, these first responders were running right into the face of danger and running into the water to help people. and to rescue people.

if it wasn't for the heroism of our first responders, our great new yorkers, the situation would've been much worse. i do think that once we get through the public safety and we have restored the power and we get the subways back up and running in the buses up and running. we will have a long-term reconstruction effort here. that is what we will start to think. a long-term recovery of reconstruction. this part of the country does not deal with flooding often. flooding always looks worse the morning after. because when the water recedes, receded, you see the damage it has done. when the water receded, you walk into the home that was flooded, and now you see the extent of the damage. you had buildings all through manhattan that where the basements were flooded last night, you have homes all across queens and long island,

brooklyn, those that were flooded, and that damage is going to become visible today and tomorrow, the next day. it is going to be extensive. this is a long-term reconstruction effort. i am hopeful that not only will we rebuild the city and metropolitan area, but we use this as an opportunity to build it back smarter. there has been a series of extreme weather. anyone that is not a political statement, that is a factual statement. anyone who says there is not a dramatic change in weather patterns, i think is denying reality. i would like to say that this is probably the last occurrence we will have. i don't believe that. i said to the president the other day -- dagen: governor cuomo following

hurricane sandy with his update. talking about the bridges and tunnels being opened by noon today. referring to the mta, which is the transportation authority as they try to get things back up and running. by the way, the chairman of the mta, joe, he has been around for a long time. connell: getting transportation up and running and getting power back on for people. again, about 7.5 million people in this region without power. more than 1.2 million customers just for psc&g. this is the largest story in the company's history.

are those numbers still accurate? and what type of timetable are we looking at to start restoring power? >> those numbers are still accurate. in terms of a timetable, we are telling people that it's going to take an extra several weeks. i realize that is a bit unbalanced, but with the reality is given the conditions we have faced until early this morning, we were not able to get people out safely to do an assessment, and that is going on as we speak. connell: have you ever seen a storm like this or devastation before like this? >> not even close. there is always particular types of damage, it may be ice or snow from wind. it might be rain. but we got hammered in two ways here. we had about 1.2 customers that are out of power because of flooding. and the other half do to win. we have the double action as we

see it. dagen: governor cuomo said in terms of getting things back up and running, what are the biggest obstacles you have run into? >> you know, i wish it was a sophisticated technical issue. getting from point a to point be. a slow and painstaking process. of course, whenever you have moisture around high-voltage equipment, that is the number one concern. very careful coordination to make sure that we understand what we are facing. the substations is also an issue that we are facing. it is just a fundamental logistics. >> you have enough manpower and people coming in from other states. >> just come at this point, manpower is not the issue. we brought people in before the storm from georgia, texas, and

québec. we have linemen that we have in place ready to go. until we get the assessments, we won't know whether or not we need more work we have more than we need. that is really getting around to that assessment. he is the chairman and ceo trying to get new jersey back up on its feet. connell: again, never seen anything like it. 1.2 million people without power. the staff telling us that he will remain in washington into wednesday. @% will talk about the impact on the election is one week from today. [cheers] [applause]

>> hello, everyone. wall street is looking to reopen for business tomorrow. our own charlie gasparino says it is set to normal opening after hurricane sandy forced the markets are closed. home prices rose in august. the latest shiller report talks about the index. they are up from the non-seasonally adjusted basis. why would the economist are looking for. and 10,000 acres being laid off in effort to wind down this business. more than $3.5 billion in cash

to shareholders. that is the latest from the fox business network, giving you the power to prosper

connell: the washington dc area claiming limited service following the aftermath of hurricane sandy. dagen: let's go to rich edson from the very latest. reporter: cleanup efforts underway. we have plenty of reports of houses damaged, trees down, roadways closed, flooding and evacuations because of the storm. yesterday, last night, the early part of today. washington dc is about ready to open again. limited metro service, bus and subway service around 2:00 o'clock this afternoon. they expect to have regular service tomorrow.

no announcement on the federal government and if it will be open tomorrow, but part of the decision that goes into that is whether or not people can get to work. metro being open full-scale tomorrow certainly helps play into that. we are looking at the government jobs report that is supposed to be out friday. part of the reason there was speculation yesterday is that they would push that report offf government workers to calculate those numbers would not be in the office. well, if they are tomorrow, it makes a better case for that. of course, yesterday, the bureau of labor statistics said they intend on releasing those jobs numbers on this friday. as for the white house, president obama canceled his campaign events. he was supposed to go to ohio. three days the president will be canceling his campaign tour. we are not sure as to whether or not that romney will continue. we have heard from the romney campaign that paul ryan will be campaigning in wisconsin tomorrow. we know that that is going forward. as far as washington dc is concerned, tour buses rolling

by. all the major arteries open. the two imagine that, lawmakers not getting anything done. >> well, they were going to be here anyway stormer no storm. thank you, rich. down in washington. dagen: let's talk about this. we are all recovering from hurricane sandy today. we can't forget that we today from now will be election day. getting every voter outcome and joining us is brad blakeman. this election is going off next week. come hell or high water, excuse my language. >> you bet. this is a real test of both parties and their organization. first of all, being interested in helping your neighbors. as we move past in the recovery

phase, as he pointed out from election day is coming. what we need to do is motivate and let people know that their vote counts. they still need to vote, and organizations need to be out there to help people to vote. early voting becomes very crucial. perhaps, the hours have to be extended in those states that are affected. tuesday is coming. we will not extend the time promoting a national election. >> you're right. some people are saying it is going to be to say no matter what. maybe it doesn't matter now, but i was just thinking, imagine that this hurricane was a week later. today would've been election day. >> that is correct. it probably would not be postponed. but what we do have is the opportunity, a week before the election, to make the types of preparations that are needed in extending voting hours in battleground states that are affected and other state.

mostly, there is a fine line between being a bad neighbor and politics above the citizens. first and foremost, politics will take care of itself. connell: we are talking about what the candidates are doing. it would hurt can president more if he was in the white house and on top of the situation. does that help him more than if we never got the storm? >> the bottom line is that romney also has to walk a fine line between campaigning and also being empathetic to the people in harms way. that romney has to be out there because he's very smart. he turned his campaign headquarters. >> the fine line is more

difficult. the stock exchange reporting this hour. trying to get things up and running tomorrow in chicago, the cme is open for business. we will have the latest coming from there follow the wings. [ engine revving ] ♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪

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dagen: markets now, but not as many as we have to talk about usually. the new york stock exchange is close. we do have some other markets and we will talk about commodities. connell: where do we go for commodities? the cme and sandra smith. reporter: hello, i am talking to dan. can you give us some perspective

? >> officially we were open, but nobody calling. even customers that are calling in from london or would call in from london tend to base their decisions on what is going on in new york. >> when you anticipate for tomorrow? >> a lot of scrambling. i don't think much has happened. maybe more in equities. four came out with earnings, people have to adjust to that. but so far, no guns that have any effect on it. >> that being said, one of the big movers is crude oil gasoline. as these refineries were shut yesterday, now we are assessing the damage. what is the latest on that? >> the latest looks pretty good. philadelphia is fully open. the largest refinery on the east coast. but the countering effect is that no one has been purchasing gas for three or four days, so there won't be a real demand on it. >> what does that mean for gasoline prices?

folks at home say that there could be a big spike in gasoline prices. >> originally come you didn't think that. we have a 20-cent increase. this is ridiculous, this is the midwest. but maybe it will be this and then the supply and the demand will be sorted out. >> one quick update. the energy department has updated people on gasoline stockpiles. it may be at the lowest level since 1990. gas supplies are down 15% from year ago levels. one other major update for energy watchers is the weekly report that comes out tomorrow morning. they have said that it will be delayed and most likely, that report will be coming out on thursday and that is still dependent on the damage assessed from the storm. dagen: thank you, sandra. she is at the cme today. you take everything away from that interview. thank you.

connell: there were gas stations throughout the new york metro area, connecticut, new york state or out of gasoline. >> all the lines. >> you have people popping up and their gasoline has to be there for generators. there you go. it draws on supplies. in the meantime, talking about the fight. one week until the election. two presidential candidates. canceling campaign appearances because of hurricane sandy. [cheers] sony comes out next

>> hurricane sandy leaving a path of unprecedented destruction up and down the the east coast. stock markets are closed for a secretary day and our own charlie gasparino reports that the nyse is expecting an opening tomorrow. and sandy shattering records,

7.4 million people without power on the east coast. thousands of homes underwater and roadways are blocked and transit system remain shut down and the states of new york and new jersey declared major disaster areas by the president and the storm is tearing up the campaign trail and both campaigns are focused on storm relief, and now talk, should there be a delay to the election? hello i'm cheryl casone, we have standing by jeff flock, he is at point pleasant beach, new jersey. which took one of the worst hits from the storm. robert gray is in lower manhattan where the stock exchange and other businesses, mass transit still closed down and rich edson in d.c., slowly trying to return to normal operations, but we begin with jeff flock on the coast line of new jersey. jeff? >> and still out on the coast of new jersey here and you can see, perhaps, charlie,the cleanup has begun. and you see the front end loader

is making its way down ocean avenue in point pleasant beach. ins just covered with sand and i don't know, jimmy, i don't know if you can see, come down here for a minute, i'll show cheryl how deep we're looking. i'm digging in the middle of the roadway and i'm still digging, still digging. no blacktop. it's down there, i assure you, it's down there, but they're digging out here, a lot of sand to move, guys. >> all right. jeff flock standing by out in new jersey, jeff, thank you very much. let's head over to robert gray and standing by right now in lower manhattan that went dark last night when con-edison shut down two major power stations. and robert, i noticed there was a high tide. >> it's flooded over the seawall and promenade and sidewalk. no power down here into the 30's, here on the island of manhattan and looking across to new jersey, not seeing many lights either there.

but we also have some footage from the new york stock exchange out on broad street do you on the back side of the exchange there and where there's oil and sludge on the streets there where the water came up to the southernmost check point of the new york stock exchange, no water, no flooding in the exchange, though there were reports out on social media, erroneous reports, last night that there was flooding. it was the not flooding and the security guards never questioned, it was always secure and we also have footage from south williams street over towards the holland tunnel, which of course has been flooded out and you can see there are cars submerged in the water. so, again, we have cars submerged there, we also have talked to some folks who came down from a little farner north on the east side, the east river saying that cars had been moved by the surge overnight as well and so, clearly, the record surge last night some 14 feet came all the way up on to the patio where i am on the harbor behind me and went inside. in the next hour, cheryl, we'll talk to the small business

center who owns the restaurant here at battery park, from the southern tip of manhattan and sending it back to the studio. >> all right. rain and more rain. robert gray, new very much. and the city of washington, planning to restore some bus and rail lines this afternoon and better than we are hear? >> yeah, much better, cheryl. 2 p.m. we'll have limited metro our subway and bus system and expect to return to normal service tomorrow. we already have reports of suburban school districts reopening tomorrow and the federal government we don't have a call yet as to whether or not it will be open tomorrow, but when you get the rail lines moving, it's a major piece of a decision as to whether or not the federal government will be open. it had been closed yesterday and today. as for the president, he's remaining at the white house and the white house announced that canceling events in ohio to monitor the situation. governor romney not sure of his schedule yet. back to you. >> all right, rich edson back in washington where the focus of what's going to happen for the rest of the country the next couple of days, we're getting,

right now, everybody, some new pictures in from lower manhattan and it's right around the new york stock exchange. this is fox business, our own producer telling us the entire area does seem very secure, which is good news. the streets in lower manhattan right now, mostly still deserted and people start today walk around a little bit and also says, you can see some of the video here, and it began into the exchange used for generation power for tomorrow's hopeful opening, we believe it's going to open. new details of course on the markets opening tomorrow with charlie gasparino sitting right next to me, charlie. we're getting the video. cheryl: right. >> what do you make of the big pump going into the nyse. >> i think there's a 99.99% chance that the new york stock exchange is going to open. i mean, listen, they haven't made it official yet and you know, still testing the electronic trading system, known as archpellego.

and what they're telling analysts and we were first to report this, that it looks like a quote, unquote, normal, that's in quotes, opening for wednesday. what does it mean, probably for specialists with the electronic thing, the electronic system thing, system. we should point out it's located in chicago and we'll get into that in a minute. the electronic system and they're working through the morning and afternoon and trying to make sure it does work and testing the systems. and here is the interesting thing, so far what they're telling analyst the arca is running ougall smooth. cheryl: why aren't we open today? i'm sorry, i heard dagen ask you last hour and-- >> i've heard talk of this since yesterday and talk to joe bastardi in a few minutes and i asked joe this earlier. when did you start warning the world that this thing was going to be the mother of all, you know, hurricanes or whatever it was?

it was a franken-storm as he called it, he says ten days ago, they had ten days to prepare for this. not only that, 9/11 is 11 years ago and you think about it, they had 11 years to prepare for this. this is not just the new york stock exchange, it's the new york stock exchange and the wall street firms, somewhere between those two parties will be the answer and why this-- why the markets had to close for two days, and by the way, a lot of people say, so what, the markets are closed. let's be cautious-- >> no, not so what. >> this is a global market. the arca services are located in chicago. you know? they have a-- they have stuff, data center in new jersey. and that got hit a little, but wall street firms have a lot of money, they can put-- they have contingency plans to make sure the markets, you would think, the markets would open. that's why this makes no sense to me and it's bad when you don't have stock trading, when the value-- let's be clear what we're talking about.

the value of corporate america has been on hold for two days. cheryl: four. >> you count the weekend. cheryl: count the weekend. >> and that's understandable. and this is like the whole thing is shut down for two days. listen, i'm the not saying that heads should roll, but questions should be asked and tim geithner, i believe, yesterday kind of got in the act and some the chatter trying to politicize this. i will say this that the treasury secretary doesn't get in on the act and wondering why this thing happened the way it happened. there's a problem. i think that mary schapiro leaving as sec chair, leaving with a very mixed legacy, great person, but mixed legacy and that is in market structure. we have a bizarrely structured market. 50 exchanges all over on everybody's trading desk. who know how that market structure that we have now, all of these dark pools, when you trade stock mom and pop in iowa the match of the buying and

seller probably doesn't happen there, it happens on the goldman sachs trading desk, which is the dark pool. it's fragmented and how do you herd all the cats together. these are questions that mary schapiro left unanswered and the market shouldn't be closed for two days, and maybe there's a technical reason. whatever is going on the fact that they're not answering it makes me think something worse here, let me tell you something, 11 years to 9/11. cheryl: that's the thing. >> it should not happen. cheryl: i hope you slept last night a couple of hours, you're not sleeping the next 24 hours. >> i've heard, i've heard. cheryl: thank you, charlie. he's going to continue reporting and breaking news on market structure and a fair question here everybody, what is going on with the market structure in this country if we can't get the exchanges going. joining me now with the super storm and the latest on the super storm and the reason why we're here and the markets aren't started and joe bastardi,

weather.com. and the weather moved inland. where are we? >> and to try to be transparent, it was sunday the 21st, that the first map went out to everybody that this storm, with the the landfall. cheryl: they had time. >> near jfk. that's what we did. i can't speak for other folks. well, it's winding down now, it's more or less a regular storm now, but, if you've already had two feet of snow on the ground like in parts of west virginia, more snow is a problem there. as far as the sensible weather, what we call sensible weather along the coast, it's all over now. in other words,-- >> but you had told me yesterday, dennis and i, who by the way is stranded himself today, you know, you were saying that -- to us that it's going to move inland and still be a destructive storm. >> yes, but what i was saying was the water would stay up higher than it normally would today, and it did. so, we're still flooded there. cheryl: okay. >> let's say the storm had just gone by and just gone up into

new england. west winds would have come in and driven the water out. instead the water is still staying there because we've had a south to southeast wind coming off the atlantic. as far as the storm goes, it's winding down now, inland. cheryl: you're more concerned about the storm surges and the tide. what can we expect? nobody on the jersey shore wants to hear this, but what's going on? >> the tides tonight are not going to be higher. they're coming in further and further. and the problem, let me explain. when a northerly hurricamal hur in, the wind turn west and the water would be driven out. instead this kept coming west and wind went to the east, southeast and the south and still off the atlantic ocean so it maintained extra water. so we're still fighting flooding in the coastal areas instead of having it driven out, but we're not going to get any more water

mile up and on. cheryl: one. things that governor christie was saying in the press conference, he's out in a helicopter and he can't land anywhere. when is it possible, we need rescue crews. >> like i said, you're not going to recognize the jersey shore from atlantic city northward and i went out with that on friday and i still-- all i'm saying is look, the storm angle, where it hit, the amount of the large amount of 75 to 95 mile per hour winds rather than focused fury like charlie and andrew, contributed to this, piled it back in and takes a while for the water to go out. the reason why i said it's still a problem today because that water, that wind instead of turning to the west and blowing it back out again like in delaware bay, believe it or not, the tide started dropping. you see how rehoboth beach is, they didn't have a bigger problem-- >> we'll talk to you more throughout the afternoon.

thank you very much. >> my pleasure. cheryl: 15,000 flights grounded by the storms and airports are closed, they've got flooded runway. and disaster modeling fr, he's coming up next, and let's take a look at one of the few things trading today. that's the oil contract, 85.22 kind of stayed if that range and tomorrow could be a whole different story for the commodities markets as well.

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>> well, in the light of the day, businesses and residents are surveying the damage for the door. modeling from eqecat predict up to 10 billion in insurance loss, overall economic damages totalling up to 20 billion at this point and those are the averages that we have, and the senior vice-president joins me now and i know, tom, that you must be looking at the numbers and what you're having to kind of reevaluate everything, now that we see what, frankly, manhattan looks like in particular. what do you know? >> well, thank you, cheryl. well, eqecat, we focused on models for insurance, corporations and government that help not just to see the damage, but restore operations. sandy was an extraordinary storm and we talked about just the scope, how many houses were affected and the type of

flooding. and as we try to look for it, the impact on insurers, much of those flooded areas were in flood zones and the not typically insured or they're covered by the national insurance program and government program not an insurance. cheryl: eqecat was talking about comparison to previous storms and hurricane andrew came nup that discussion and that in today's dollar about 40, 41 billion dollar storm. and seems that eqecat is now saying that sandy will indeed surpass that overall. is that still your understanding? >> sandy could reach that. it depends, what's happying happening right now is how fast can woo he restore? we've seen the flood waters have yet to recede so we haven't been able to restore a lot of operations. cheryl: and probably aren't going to have a subway-- just in your opinion we're not going to have a subway system for days we don't think.

we've got pass trains in and out of the city in and out of new jersey, down seven to ten days by city officials, it must be very difficult to assess the numbers that come up with really kind of an overall picture. how long do you think it will take you and your colleagues to kind of give us a better sense? >> well, we'll be working through the weekend to try to understand completely, but we didn't expect a resumption of something close to normal by friday, by the end of the week. cheryl: okay, okay. now, one thing about property and casualty insurance companies, that's a 500 billion dollar industry, obviously, those that have insurance will be covered, but what about those that are not insured and do you have any kind of idea what kind we're talking about with regard to the uninsured losses we're going to see from sandy. >> if we look at the 20 million dollars for economics and the 20 billion covered by insurers and 20 billion covered by individuals and then government, part of that is just sort of a

degradation or decray, people don't pay for everything. there's a lot covered by deductibles and home owners a significant amount of money. cheryl: okay, tom larson were eqecat we're certainly looking forward to getting some new assessments from all of you and find out exactly where we are economically and storm sandy has certainly caused a lot of destruction on the east coast. thank you, tom. >> thank you, cheryl. cheryl: as just mentioned, tom and i were talking about hurricane sandy has left an enormous amount of damage and inevitably a lot of rebuilding to do. should you invest in home improvement stocks to profit? charles payne is here, how do you make money? it may seem callus, but a lot of people preparing to make moves in the market are thinking the same way you are right now. charles: and we discussed it for the last three days and friday gave you three stocks i think long-term potential, yesterday, clean harbors.

the home improvement stores are different, what do you do, everyone says going to lowe's, home depot, we know they're going to benefit, just no question, but what kind of legs or impact on the stock? i want to take you back to hurricane katrina. when that happened late august of 2005, both of these stocks were on the move up. both of them actually traded right near their all time high and in the last few years they tumbled. lowe's went to, and home depot ultimately with 21 with the cash of the market. and people who bought katrina, and long-term investment got waxed pretty good. fast forward, lowe's last time missed the street by a nickel and home depot beat by 4 cents and concensus estimates, and went up home depot, there's a downgrade recently on home depoe and two upgreats on lowe's. to me, i can lie home depot, i

think they have better operators and storms and when the storm path went and i just happen to think it's a better operation, better historical execution, so i would be willing to pay extra for it, for both of the stocks. cheryl: and-- >> $30 for lowe's, 58 for home depot and break out 63 for home depot i think it takes off or break out at 33 for lowe's, that could be a takeoff point. cheryl: another positive, unfortunately, coming out of this storm you're going to have new construction and you're going to have jobs out the economy. charles: it will create some jobs. cheryl: charles payne, thank you. i think i've made some money or hopefully will tomorrow. and when trading does begin tomorrow there's going to be a rush to make money from hurricane sandy with the automatic notion that a home depot and a lowe's are the stocks to own so we'll be watching those stock of course tomorrow and we're going to be talking about it coming up next, new york city rescue workers are

still dealing with this. and you've probably seen this by now, this crane is on top of the luxury high rise midtown manhattan. it's still up there, folks. we'll have that story when we come right back. 4g lte is the fastest.

so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a difference ? look at verizon. it's so much more than the other ones. so what if we just changed the format altogether ? isn't that the exact same thing ?

it's pretty clear. still sticking with verizon. verizon. more 4g lte coverage than all other networks combined.

>> and here in new york city, inspectors are climbing to

examine a manhattan construction crane and is dangling from a luxury high-rise. thousands were ordered to evacuate nearby buildings after the strong winds snapped the crane back. meteorologists say the wind may have been blowing at least 95 miles-an-hour that high off the ground. that's your fox news minute. get you back to cheryl. cheryl: thank you very much. and i was there at that crane collapse yesterday. it was something to be seen. anyway, another impact from sandy, many companies are right now either holding or delaying release of earnings reports. joining us now by phone is senior earnings analyst. john, i do want to ask you, what do you make of all these companies making these moves? are they justified do you think in changing the game when wall street is pretty much looking to open tomorrow? >> well, i think for the most part, the companies that have rescheduled earnings did so yesterday. as for today, most of the companies that were scheduled to report did report on time. i think net, net, the markets this won't be much of an impact in terms of the markets overall. in terms of the earnings impact

going forward, most companies' third quarter ended back on september 30th. i think in terms of earnings perspective, most of the impact we'll see in the fourth quarter as opposed to the third. cheryl: i think, john, one of the reasons that it is disconcerting, if you will, is that you have major companies, i mean pfizer is now going to be reporting on november 1st. obviously the street has been waiting on that. people are placing, timing, if they can, on these reports, automatic data, mcgraw hill, all of these are delayed. do you think that companies might in some ways use the excuse of hurricane sandy, not so much for the delay of the reporting, but maybe in the fourth quarter numbers coming out and saying well, we had operational issues because of sandy, sorry? >> it is certainly possible. i think for the most part most companies have legitimate issues when it comes to the impact of the hurricane. i think the industries you want to focus on is really across the board, but likely see guidance going forward the next few weeks from insurance companies, airlines, retailers, restaurants

and utilities all discussing the impact of the hurricane in their potentially for their fourth quarter earnings. cheryl: let's talk about the s&p 500. because all those names that i mentioned are actually part of the s&p 500. i know you had been looking for a little bit of a better story when it came to revenues for s&p 500 companies that have reported thus far. how are you feeling right now? are you kind of reassessing things since you have had a a couple of days off, if you will, to look at all your numbers? >> we are a little over the midpoint of the earnings season and it's still been one of the weakest earnings season we have seen in quite some time. the blended earnings growth rate today stands at negative 1%. it is the same far revenues. when -- for revenues. when you look at companies performance versus expectations while the earnings side has held up okay, on the revenue side, it continues to be weak, more than -- less than 40% of companies have beat revenue estimates so far. that's unusually low number. as a result, we have seen the

revenue growth rate come down over the last few weeks. cheryl: john it is certainly going to be interesting to see. you mentioned several sectors we're watching but the utility sector will be the fascinating numbers we will see come out. john butters, thank you very much. obviously all the ceos will have to address sandy when they came out with their even third quarter numbers. after sandy walloped the northeast, some are actually talking about delaying election day. we're going to go live to washington to explore that idea. and take a look at -- we're going to talk about some of the sectors that are certain to feel the impacts of hurricane sandy. these are some of the sectors we are going to be closely be watching tomorrow when trading resumes. we're waiting on final word. we believe it is going to happen. charlie gasparino says it will. we will be right back. ♪

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cheryl: okay we continue to follow the breaking news on this tuesday. here's what's happening right now, in the aftermath of hurricane sandy, markets are closed today, once again. but our own charlie gasparino is reporting that the nyse expects to be open tomorrow. we're waiting on final word from the new york stock exchange right now. sandy shattering, outage records for utility companies, 7.4 million people are without power on the east coast right now. homes under water in several states. roadways continue to be blocked. transit systems continue to be shut down. and both candidates are cancelling events to let communities focus on storm relief. now in washington some are saying we should delay election day. we will talk about that coming up. the remnants of superstorm sandy moving westward through pennsylvania, ohio, west virginia. fox's meteorologist janice dean who hasn't slept in days joining me now with the latest forecast.

janice? >> i'm doing okay. my family, everyone is doing okay. that's the main thing and we hope that folks across the eastern seaboard are doing better this mooning. of course this is a storm that's affected millions of people. it is moving westward. we're still going to see the outer bands across new york, philly -- philly and d.c., the worst of the storm has moved westward. even 70 miles-per-hour gusts along the great lakes. that's pretty impressive. that's how wide a storm we're talking about and blizzard warnings, if you can believe it, blizzard warnings across portions of west virginia into kentucky, if you can believe it. peak wind gusts that we saw overnight last night, 90 miles-per-hour in islip. 89 in surf city. this was a massive event, really one we have not seen across the northeast. certainly a record breaker. wind gusts, to show you the massiveness of this storm, the low pressure moving into candy -- canada, we will still

feel wind gusts 30 to 50 miles-an-hour. there's that cold part of the storm with where we're seeing blizzard warnings and feet and feet of snow across the spine of appalachians. back to you. cheryl: thank you very much for that janice. we have fox's rick leventhal who is at point pleasant beach new jersey. he has the latest on conditions there. i was watching you last night. i heard you say something like this is a hurricane like you had never seen before. >> i have been in some bad ones, cheryl, but this one was one of the more scary events that i have witnessed and been a part of. we were up actually on that third floor balcony right there and watched the ocean reach the dunes at the end of this street. there was about 6 to 8 foot dune at the end of this block and all that sand and the sand up and down the beach has now washed on to ocean avenue here, and we have just now in the last hour seen a front end loader come down ocean avenue and clear a

path. they are trying to make room for emergency vehicles to be able to get from the bridge into town and down this road. let's come back around this way. i will show you down ocean avenue, it is impassable right now by vehicle because of the rolling dunes of sand that has washed on to ocean front road. as we come this way, show them the plooding on these -- show them the flooding here. this is looking west. foot to two feet of water. we have talked to some homeowners whose homes are are in water. there's no power. couple of million people across the state without power. it's a very very difficult situation. i don't know if you can get a sense of how deep this sand is, but it's 2 to 3 feet deep here on ocean avenue. and you can see where the front end loader came through. i mean, there's a cliff now of sand here that they are just trying to clear out of the way. cheryl? cheryl: are rescue crews -- have

you seen many rescue crews? because i know governor christie in a news conference this morning was saying that's the difficult part is reaching those that need help. >> well, we did see an ambulance on the other side of those flooded streets earlier today. i'm not sure that there's anyone currently in distress here in this community, but we heard about hundreds of people who were stranded and hundreds of people who need to be rescued from their homes in communities up and down the new jersey atlantic coast. there are towns like this one, pretty much for more than 100 miles that are either under water or in sand or absolutely unreachable at this point. this community is locked down right now. we can't get out until they clear not just this road, but the road that -- the side street, our truck can't get out because the sand is so deep. so he's clearing the county roads. we may have to wait for a local front end loader to come and clear that street.

it is a mess not just for us, obviously for thousands and thousands of residents of this community and the communities up and down the coast. cheryl, it's a real, real tough time for them. cheryl: it's unbelievable. really it is. rick leventhal from fox news, thank you very much. >> yeah. cheryl: hopefully he will get out of this soon everybody. with the presidential election just one week away, everybody, rick was just talking about it, millions of people still don't have power. the aftermath of sandy is becoming somewhat clear at this hour, still trying to find things out. some are talking at this point that maybe we should delay election day. peter barnes is looking at that side of sandy from washington. and you've had several people come out on television frankly today peter and say we should do it. is it even possible? peter: no not at this point because federal law sets the date for the election and only congress can change it and i don't think congress will have time to change it between now and next tuesday. but the law gives states leeway in setting additional election

days for president in case of emergencies like hurricanes or acts of terrorism. the law say ifs a state fails -- if a state fails to deliver its electoral votes for president on time, quote the electors may be appointed on a subsequent day in such a manner as the legislature of state may direct. it turns out 7 states have actually passed laws that appear to address this. three of them have been hit by hurricane sandy, new york, maryland and north carolina. new york has been hit the hardest and it matters a lot to president obama who is beating romney in the polls. it ties florida for the third most electoral votes, 29. new york can establish an additional day for elections within 20 days of november 6th. if there's an emergency. it's already warned voters that polling sites may change because of the storm. we have asked the state board whether or not it might be considering changing dates for elections in hard-hit areas of the state.

cheryl, so far no response. cheryl: i mean obviously we know new york and new jersey are now major disaster areas quote unquote, are there other states where delaying the vote could possibly happen on the state level, peter? peter: we have been researching this all morning and have not found any so far. and frankly i think it is because we are still in the throes of the storm and a lot of these governors and state officials are just trying to figure out how to protect people and their property and their transportation systems, economy, etc. but i don't -- this issue was raised by the fema director in a phone call with reporters the other day that the impact of the storm could linger into next week and could affect election day. we will be watching it. cheryl: people have the right to vote in this country, but if they are unable to vote, held back from voting because of a hurricane, that's a very fair question. it really could change the entire dynamics of this entire election. peter barnes, fascinating story. peter, thank you very much. peter: okay, cheryl, thanks.

cheryl: hurricane sandy pushing gasoline supplies to very low levels right now. we're going to head over to the cme. sandra smith has been doing some great reporting out there on the few things that are trading today. we're going to look at some angles there at the cme. we will be right back.

>> i'm lauren simonetti with your fox business brief. wall street will be back in

business tomorrow. the new york stock exchange tells charlie gasparino it expects a normal opening after hurricane sandy forced the markets to close today and yesterday. the nyse has been testing its systems as a precautionary measure. home prices rose in august according to the latest case shiller report. prices for the 20 city index were up .9% from july on a nonseasonally adjusted basis. right in line with what economists were looking for. the german drugmaker is bayer is buying u.s. vitamin manufacturer for 1.2 billion dollars. it is offering $34 a share, 47% premium over friday's close. the drugmaker says the move is an excellent strategic fit for bayer's healthcare business. that's the latest from the fox business network giving you the power to prosper.

cheryl: if you have been watching fox business throughout the day, you already know this news is coming thanks to charlie gasparino. the new york stock exchange has now made it official, the new

york stock exchange markets will be opening tomorrow for business. here is the statement from duncan niederauer. he is the new york stock exchange euro next ceo. he says quote we are pleased to be able to return to normal trading tomorrow. cheryl: there were reports especially on twitter that turned out to be false that there were 3 feet of water on the floor of the new york stock exchange. the exchange coming quickly out last night telling fox business that was not the case. now the new york stock exchange market participants will be able to trade tomorrow. four days we have not been able to look at the value of the companies, two days suspended trading thanks to hurricane sandy. a lot of numbers are continuing to come in with regards to the conditions and the death toll with regards to hurricane sandy. i want to give you some numbers and a sense of where we are right now. again these numbers will be constantly changing throughout the day.

at this point, 15,700 flights cancelled so far due to that storm. that's 1 in 7 flights, everybody. air traffic sitting basically at a stand still on the east coast. having a huge e febt across the country -- effect across the country, people in seattle, san francisco, los angeles, around the world flights have been cancelled. i know many people in other continents that cannot get back to the united states today. also we did get late word from new york governor cuomo this morning he said possibly jfk will be open tomorrow. he doubts la guardia here in new york will be open because of flooding on the runways. there's a lot of train issues i want to update you on right now. you have 1 1/2 million commuters that are just sitting, standing by because amtrak had cancelled all services along the northeast corridor. this includes several things that impact the business of the financial center of the world, and that's manhattan everybody. new jersey transit, they use amtrak tracks. governor christie is saying there is extensive damage on every line, every track.

new jersey path train, people coming to work every single day, thousands of people, those trains could be out for seven days possibly more governor christie said this morning. let's talk about the issue of power. you have 7.4 million people right now that are without power. these numbers are constantly changing. in the new york metropolitan airway alone, 4 million at this point -- area alone, 4 million at this point still in the dark. electricity could be out for a week or more. the power companies are working diligently. fema declaring 11 states as disaster areas, making them eligible for federal funding. president obama labelling new york and new jersey in particular today as major disaster areas. that will speed up the process of getting federal money. as well as, you know, many utility companies are now bringing in utility workers from outside coming into this area to get things hopefully up and

running in the northeast. stock index futures are closed today, but sandra smith has been doing some great stuff out at the c meshgse doing reporting on the -- cme doing reporting on the commodities. i know a lot of traders are waiting for the stock markets to get up and running so they can make some decisions. sandra: that's a great lead-in, cheryl. i do want to update viewers that we got a note from the cme just moments ago. obviously you just reported that the new york stock exchange will open tomorrow. the cme has not confirmed whether or not they will open, but it is widely expected that they will follow the new york stock exchange and open stocks. index futures which by the way trade right in the pit right here, which we never get to do in the middle of the trading and walk in the s&p 500 future pits in chicago. todd, you have been asking a question i have heard from a lot of traders down here, and that is, why aren't we open? >> why aren't we open? we have all these systems of redundancy in place. we have off site places.

every exchange has an off site place we can go to that can allow us to be open. why aren't we open? we haven't been closed for two days in a row due to weather for over 200 years. sandra: what is the answer do you think? >> the answer is the people at be have to stop them and say we should be open, let's not be closed. let's turn the machines back on. sandra: the new york stock exchange has announced they will be open for business tomorrow. what does that mean for the markets here since cme has not decided? >> we will be open for sure. the futures have been trading overnight to accommodate europe's markets. they are accommodating. they will be open. we are ready to go because of the way we're structured. we're going to be open. sandra: we have to leave it there, but real quick, todd, what do you think that's going to mean for markets when they do open considering we have got an lot of news this week? >> i think we will continue in the pattern we are, slight down

trend. sandra: okay, this you go. unbelievable to be standing right here in the middle of the trading pit, an empty one at that in chicago. back to you. cheryl: i have been following your reporting out of chicago since yesterday. obviously volatility is going to be the name of the game. i have heard you say it. sandra: oh, yeah. cheryl: sandra, thank you very much. tomorrow is going to be a very interesting day for all of us. no stock trading taking place. but in the middle of all of this, apple announced a management shake-up. i will fill you in on that one next.

cheryl: once again i want to update you on the breaking news we have been following here at fox business, the markets. we have gotten official confirmation from the new york stock exchange trading will resume tomorrow in lower manhattan. want to let all of you know that neil cavuto is going to be anchoring a special hour of fox business at 9:00 a.m. eastern

time to cover the market open. neil all over the hurricane last night and the effects of course on the city of new york. now neil tomorrow morning will be anchoring our full coverage, our special coverage of finally the opening of the new york stock exchange and markets around the world. something that has upset trading frankly around the world. asia markets, european markets waiting for u.s. markets to open. tomorrow, folks is the day. mayor bloomberg calling sandy an unprecedented event today. he said the worse even though it's passed conditions are still dangerous in many surrounding areas. let's bring in joe now. you have been saying for a while now where we are in a weather pattern that these types of storms even a superstorm we have to get ready for this for years. >> for the next several years. in 2006 i made a statement, and a lot of people got upset at me, i said by 2015 there will be at least two major hurricane hits

in the northeastern united states. technically irene and sandy were not major storms yet. i'm talking about storms like hurricane carol, hurricane edna which were all greater storms as far as the category levels than sandy was, but this is part of a natural cycle. cheryl: this is a superstorm. the subway system, it's -- you know -- >> this is why the saffir-simpson scale is outdated. i have a scale that shows you the overall power of the storm, the pressure. what happens is, you may have less wind over a larger area, but it still pushes in. the pacific is cooling. the atlantic is warm. guess what? 1950s right up the coast. cheryl: joe has been living at fox business and fox news for the last 24 hours. thank you for all of your help. >> i appreciate it. cheryl: we really appreciated you helping us cover the hurricane. >> thank you. cheryl: coming up everybody,

melissa francis and ashley webster will have a lot more on superstorm sandy and the path of destruction that's been left behind including this pennsylvania. pennsylvania governor, over a million people are without power in his state, he will be here. keep it here on fox business. bob...

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