New York City Mayor Michael Bloomberg reopened the NYSE after being closed for two days because of Hurricane Sandy.
By NBC News staff and news wires
It's back to business on Wall Street as trading resumed on New York Stock Exchange after being shut for two days by Superstorm Sandy.
The last time the exchange closed for two straight days due to a weather event the Great?Blizzard of 1888.
In early trading, the Dow Jones industrial average was up 80.02 points, or 0.61 percent, at 13,187.23. The Standard & Poor's 500 Index was up 5.81 points, or 0.41 percent, at 1,417.75. The Nasdaq is down 5.52 points, or 0.18 percent, at 2,981.99.
Investors are preparing for a ?wild session? before earnings reports could subdue the markets again, Michael Yoshikami, founder & chief executive of Destination Wealth Management, told CNBC.?
?It should be a wild session,? Yoshikami told CNBC Europe?s ?Squawk Box?. ?It?ll be interesting to see what the volume is like but I expect significant volatility.?
?Fortunately we have earnings postponed by a number of companies until Thursday or Friday but it should be a wild session,? he said.
U.S. lumber futures soared?on expectations for demand to increase in the aftermath of Sandy that caused massive flooding in the northeastern United States, damaging numerous homes that would need rebuilding.
The storm, which made landfall on Monday evening and has killed at least 45 people, may cause up to $15 billion in insured losses, according to one disaster-modeling company.
"Historically, this is what happens after a natural disaster," said Michael Young, president of Pacific Futures Trading in Seattle, Washington.
Chicago Mercantile Exchange November, January and March lumber futures rose by the daily trading limit of $10 per thousand board feet and remained locked at those levels, effectively shutting down trading.?
Traders said speculators were behind much of the buying in lumber futures as they anticipated demand to increase when people affected by Sandy begin to rebuild or repair their homes.
"There is anticipation of a big rush in demand after this storm," said a trader, who declined to be named.
The type of lumber traded at the CME is so-called framing lumber that is primarily used in home building.
Stocks moving in early trade include Ford Motor Co , which posted earnings reports during the closure and rose 1.9 percent to $10.56. Advanced Micro Devices rose 2.4 percent to $2.12, while Home Depot added 1.4 percent to $60.90
Stocks in home improvement chains looked set to lead the S&P 500 index?higher?as investors bet on reconstruction efforts following the devastating impact?on millions of homes.
In the oil market the after-effects of Sandy?were still being assessed, with reduced fuel demand expected and roads and airports remaining shut, even as refineries in the region slowly resumed operations.
"We may have a rapid return of supply, but the demand will be slower to recover," said Tony Nunan, a risk manager at Mitsubishi Corp.
Brent crude for December delivery was up 19 cents at $109.27, while U.S. crude for December rose 47 cents to $86.15, though it is on track for its biggest monthly loss since May.
Gold had inched up 0.1 percent to $1,711.01 an ounce, but it, too, is on course for its biggest one-month decline since May, with a monthly drop of more than 3 percent.
Millions of people across the U.S. Northeast stricken by?Sandy will attempt to resume normal lives on Wednesday as companies, markets and airports reopen, despite grim projections of power and mass transit outages lasting several more days.
U.S. stock markets were closed Monday and Tuesday, the first time that weather caused a two-day market shutdown since the Great Blizzard of 1888.
Stocks may be jumpy when market reopens Wednesday
While few analysts and strategists expect massive volatility when the market reopens, there is likely to be some choppiness as the date coincides with the end of the fiscal year for many mutual funds. That could contribute to an additional wave of selling that day, fund managers said.
Due to tax rules, many funds have to sell any underperformers by the end of trading on Wednesday to avoid taxes on some of their portfolio gains. Eric Marshall, a mutual fund manager at Hodges Capital in Dallas, who co-manages five funds, said that his firm is moving all of the selling it planned to do Monday and Tuesday to Wednesday instead.
"This is going to drive volatility on top of what we're already expecting from the aftermath of the storm," he said.
The Associated Press and Reuters contributed to this report.
CNBC's Scott Cohn reports on the opening of the Big Board today, as Lower Manhattan springs to life after Super Storm Sandy hit the area. And, a look at recovery efforts at the New Jersey shore, with CNBC's Kayla Tausche.
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