Wall Street Closed for a Second Day

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Wall Street will remain closed for a second consecutive day Tuesday after superstorm Sandy left lower Manhattan flooded and largely without power.

Wall Street hasn't shut down over inclement weather since the 1800s.

The New York Stock Exchange announced it's testing contigency plans but denied reports of irreparable damage to its trading floor.

Global markets appeared unfazed, with Europe gains Tuesday erasing the previous day's losses.

"Markets have put in a robust performance, with equity prices appearing to have held up despite the damage that has been inflicted on the Northeast coast by Hurricane Sandy," Fawad Razaqzada, market strategist at GFT Markets, said.

U.S. investors, meanwhile, are continuing to assess the financial impact of the storm, using natural disasters like 2005's Hurricane Katrina as a guidepost.

"Back then, the U.S. economy was in a stronger condition, whereas now economic growth is on a softer trajectory," Neil MacKinnon, global macro strategist at VTB Capital, said.

So far, the cost of the storm is being projected to be between $10 million and $20 million.

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