Trader Talk

Commodities Back In Play And More Cuts On NYSE Floor?

Is the commodity play back? Energy and materials stocks were the sole leaders today. Oil hit new highs, as did gasoline. The dollar faltered, along with financials. Airlines were down big. Sounds like March!

Commodities today:

Oil up 3.2%
Nat. gas up 3.8%
Copper up 3.1%
Gold up 2.0%


NYSE CEO Duncan Niederauer told a Reuters Summit that he had no plans to close the NYSE trading floor, but he would not be surprised to see a further 15 to 20 percent decline in the trading floor population by the end of the year, due to additional technology rollouts.

By my count, there's about a thousand people still on the floor, down from about 3,000 five years ago. Niederauer also noted that 75 percent of AmEx staffers will lose their jobs in the upcoming merger with the NYSE.

Questions?  Comments?

Related Tags