Markets Closed, to Open as Normal Wednesday

U.S. markets for stocks, options and other exchange-based derivatives remained closed for a second-straight session on Tuesday, marking the first two-day weather-related shutdown since 1888.

NYSE Euronext said it will open for normal trading on Wednesday. Trading will commence on the NYSE at 9:30 am under normal opening procedures.

"We are pleased to be able to return to normal trading tomorrow," said Duncan Niederauer, CEO of NYSE Euronext, in a statement. "Our building and systems were not damaged and our people have been working diligently to ensure that we have a smooth opening tomorrow."

The Nasdaq has also told CNBC it is planning to open on Wednesday, as normal.

Investors expect heightened volatility when markets reopen Wednesday, the final trading day of the month, as the two-day closure creates pent-up demand.

Meanwhile, Disney announced it will acquire Lucasfilm in a deal worth nearly $4 billion, a rough equivalent to what the conglomerate paid for Marvel Entertainment in 2009. Disney will pay half of the deal in cash and will issue 40 million shares at closing. Lucasfilm was founded and is owned by George Lucas, producer of Star Wars and Indiana Jones films.

Stock index futures were open for electronic trade earlier but closed at 9:15 am ET, as scheduled. Futures ended the trading session flat.

Twenty-nine deaths have been reported so far, while more than 8.5 million people were left without power along the East Coast. Early estimates suggest that the cost to the U.S. economy could be as much as $20 billion.

"The flooding and power outages across large parts of the East Coast mean that Hurricane Sandy will undoubtedly hit economic output in the short-term," said Paul Ashworth, chief U.S. economist of Capital Economics. "Some of that output will be made up before the end of the current quarter, however, and when we factor in the boost to GDP growth from the clean up, the overall economic impact is likely to be very modest." (Read More: Economic Impact of Sandy's Havoc Not Yet Clear)

Hurricane sandy also prompted dozens of companies to delay issuing earnings, on what should have been a busy day during the third-quarter earnings season. Pfizer, Thomson Reuters, and Office Depot were among the companies that were supposed to report on Tuesday.

Meanwhile, some companies including ADM and Ashland posted earnings results as planned. Ford reported earnings that beat estimates by a wide margin.

And on the economic front, the S&P Case Shiller report on home prices was released as scheduled. The composite index of 20 metropolitan areas rose for a seventh consecutive month in August, by 0.5 percent on a seasonally adjusted basis, in line with economists' forecasts.

However, the Conference Board's consumer confidence index for October, which had been scheduled for release at 10 am ET, will now be out on Thursday at 10 am ET.

Disruption from Sandy proved minimal in European markets. Shares of oil giant BP jumped after the firm released third-quarter earnings that beat forecasts. The oil and gas sector was the biggest gainer across European shares. (Read More: Oil Companies to 'Bounce Back' After Sandy: BP CEO)

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

On Tap This Week:

WEDNESDAY: Weekly mortgage apps, Chicago PMI, Fed's Williams speaks, farm prices
THURSDAY: Challenger job-cut report, ADP employment report, jobless claims, productivity and costs, consumer confidence, ISM mfg index, construction spending, auto sales, chain-store sales, Facebook's "gifts" event, Fed's Lockhart speaks, Fed's Rosengren speaks
FRIDAY: Non-farm payrolls, factory orders, Fed's Williams speaks, Wynn shareholders meeting

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