New York Stock Exchange Keeps Trading Floor Open Despite Coronavirus Pandemic

Business will be conducted as usual at the New York Stock Exchange (NYSE) for the foreseeable future despite the prevalence of coronavirus in New York, according to a Tuesday tweet from the organization.

Despite cautions from the U.S. government to work from home if possible, brokers will continue to trade stocks in person.

"Our trading floor remains open for business," the NYSE announced in a Tuesday tweet. "We have taken precautions, increased social distancing, and also have contingency plans — if needed — to trade on a fully electronic basis. Trading would still take place on the NYSE and our DMMs [Designated Market Makers] would conduct their auctions remotely."

Our trading floor remains open for business.

We have taken precautions, increased social distancing, and also have contingency plans — if needed — to trade on a fully electronic basis. Trading would still take place on the NYSE and our DMMs would conduct their auctions remotely.

— NYSE 🏛 (@NYSE) March 17, 2020

The NYSE did not immediately respond to Newsweek's request for comment on this story.

Some of the guidelines published by the White House to help prevent the spread of coronavirus include working from home when possible, keeping away from groups of more than 10 people and avoiding discretionary travel.

Fears of a U.S. recession caused by coronavirus restrictions on businesses have been downplayed by the U.S. government with Treasury Secretary Steven Mnuchin saying the market will rebound once the pandemic is over.

"This is a unique situation," Mnuchin said on ABC's This Week on Sunday. "We are going to have a slowdown. Later in the year, obviously the economic activity will pick up as we confront the virus."

new york stock exchange, coronavirus
The New York Stock Exchange announced plans Tuesday to keep its trading floor open. Johannes Eisele/AFP/Getty

President Donald Trump has also hinged the market's success on the end of the coronavirus outbreak. "The market will be very strong as soon as we get rid of the virus," Trump told reporters Monday.

New York Governor Andrew Cuomo said Tuesday that the state is dealing with 1,374 confirmed cases of coronavirus, calling the situation "a frightening time on every level" in a news conference Tuesday.

Cuomo told reporters he has no plans to place any individual city under quarantine.

"No city in the state can quarantine itself without state approval," Cuomo said, "and I have no interest whatsoever and no plan whatsoever to quarantine any city."

New York's government has agreed on a job protection bill which will also provide compensation for New Yorkers quarantined due to coronavirus. All New York schools have been directed to close by Wednesday, joining all bars and restaurants which cannot provide dine-in service but may prepare food for take-out.

"This is an extraordinary time in this nation's history, and it will go down in the history books as one of those moments of true crisis and confusion," Cuomo said in a Tuesday statement. "So my message to New Yorkers is this: Be a little bit more sensitive, understand the stress, understand the fear, be a little bit more loving, a little bit more compassionate, a little bit more comforting, a little bit more cooperative. We are going to get through it and we are going to get through it together."

Recent data indicates 6,159 confirmed coronavirus cases in the U.S. with 102 deaths attributable to the infection. However, 74 people are listed as totally recovered and only 12 cases have been deemed serious or critical.

Worldwide, 197,597 cases have been reported with 7,954 individuals dying as a result of the disease. Individual cases categorized as recovered from coronavirus are at a current total of 81,691.

Spread of COVID-19 virus across the U.S.
Spread of COVID-19 virus across the U.S. Statista

World Health Organization advice for avoiding spread of coronavirus disease (COVID-19)

Hygiene advice

  • Clean hands frequently with soap and water, or alcohol-based hand rub.
  • Wash hands after coughing or sneezing; when caring for the sick; before; during and after food preparation; before eating; after using the toilet; when hands are visibly dirty; and after handling animals or waste.
  • Maintain at least 1 meter (3 feet) distance from anyone who is coughing or sneezing.
  • Avoid touching your hands, nose and mouth. Do not spit in public.
  • Cover your mouth and nose with a tissue or bent elbow when coughing or sneezing. Discard the tissue immediately and clean your hands.

Medical advice

  • If you feel unwell (fever, cough, difficulty breathing) seek medical care early and call local health authorities in advance.
  • Stay up to date on COVID-19 developments issued by health authorities and follow their guidance.

Mask usage

  • Healthy individuals only need to wear a mask if taking care of a sick person.
  • Wear a mask if you are coughing or sneezing.
  • Masks are effective when used in combination with frequent hand cleaning.
  • Do not touch the mask while wearing it. Clean hands if you touch the mask.
  • Learn how to properly put on, remove and dispose of masks. Clean hands after disposing of mask.
  • Do not reuse single-use masks.