NYSE and Nasdaq open, but transportation, communications still hobbled

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New York—Both the New York Stock Exchange and Nasdaq equity markets are open for business today, running on backup power, after closing for two days due to Hurricane Sandy. Two Metro New York airports, JFK and Newark Liberty, opened today with limited service, but New York's La Guardia Airport remains closed. Amtrak will resume some train service between Newark, N.J., and points south. Flooding still prevents train service into New York's Penn Station. The Federal Communications Commission has reported that Hurricane Sandy knocked out 25% of the mobile-phone cell towers in 10 states. Many cell towers powered only by generators could run out of fuel before commercial power is restored, according to the FCC. Among the communications companies reporting service problems were AT&T, Sprint Nextel, T-Mobile and Verizon Wireless. According to consultancy IHS Global Insight, the cost of the storm will represent about $20 billion in property damages and another $10 billion to $30 billion in lost business.
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