Financial markets close as Hurricane Sandy approaches East Coast Richard Grasso, former NYSE chairman & CEO, reveals how Wall Street is prepared for Hurricane Sandy. Updated at 9:20 p.m. ET: All major U.S. stock and options exchanges will be closed Monday with Hurricane Sandy nearing landfall on the East Coast and bringing about the first unplanned shutdown since the September 2001 terrorist attacks. There had been plans to allow electronic trading to go forward Monday on the New York Stock Exchange, but with all mass transit shut down in and out of Manhattan, the risks were determined to be too great. The New York Stock Exchange, Nasdaq and CME Group in Chicago will remain closed Monday and possibly Tuesday. Trading on the NYSE was last closed on Sept. 11, 2001, and last closed for a weather related event in 1985, for Hurricane Gloria. If the exchange remains close Tuesday, it would be the first consecutive-day closing since 1888, when a blizzard left drifts of snow as high as 40 feet. Richard Grasso, former chairman and CEO of the NYSE, appeared on CNBC Monday to discuss how Wall Street is preparing for the storm. Safety is the main concern, he said, adding that it's "absolutely right" that the markets remain closed Monday, and possibly Tuesday. "The markets will function; they will come back," Grasso said. Human life will always trump the need to trade. Sandy was aimed at the most densely populated U.S. region on Monday morning, forcing hundreds of thousands to seek higher ground, halting public transport and closing schools, businesses and government departments. Lower parts of Manhattan around the Financial District are under mandatory evacuation orders. A number of major U.S. companies have postponed quarterly earnings as financial markets shut down for the first time since 2001. Acorda Therapeutics Inc., Pfizer Inc., Thomson Reuters and NRG Energy Inc. have already delayed earnings reports. Pfizer and NRG Energy made the decision early, as they were not set to report earnings until Tuesday and Wednesday, respectively. Investors are continuing to fret about the weak revenue picture developing for corporate America. Just 36.9 percent of S&P 500 companies so far have reported revenue that beat forecasts, compared with the 62 percent that typically exceed expectations, according to Thomson Reuters data as of Friday. Stocks slid last week, following a series of weak results, especially from U.S. multinational companies. For the week, the Dow fell 1.8 percent, the S&P 500 lost 1.5 percent and the Nasdaq dropped 0.6 percent. The U.S. government issued data on personal income and spending for September on Monday even though the government has shut down to brace for Hurricane Sandy. The Federal Reserve, however, will postpone its regularly scheduled data. Consumer spending rose solidly in September as households stepped up purchases on automobiles and a range of other goods, setting up a firmer base for consumption this quarter. The Commerce Department said on Monday consumer spending increased 0.8 percent after an unrevised 0.5 percent gain in August. Economists polled by Reuters had expected spending, which accounts for about 70 percent of U.S. economic activity to increase 0.6 percent in September. On Friday, the government will issue the last employment report before the U.S. presidential election. It is forecast to show payrolls rose by 124,000 in October, barely more than September's 114,000 gain, according to 78 economists polled by Reuters. The unemployment rate probably edged back up to 7.9 percent after falling to 7.8 percent from 8.1 percent last month.