华尔街平静面对飓风桑迪

Traders and analysts pushed to the sidelines by the approach of Hurricane Sandy spent Monday trying to limit damage to their portfolios, prepare for whenever markets reopen and keep an eye on assets such as oil and international stocks that are still changing hands.

周一，由于飓风“桑迪(Sandy)袭来而被迫呆在家中的交易员和分析师们试图把投资组合受到的不利影响降至最低，他们为市场随时重新开放做好准备，并且密切关注着石油和国际股票等仍然在交易的资产。

Some who live and work in the storm's path labored from home, while others reserved hotel rooms near their offices in case the commute became too dangerous. All had to adjust to the extraordinary weather that shut down markets for U.S. stocks and other assets and left trading thin in others.

一些居住和工作低点位于飓风行进路线上的人们在家工作，其他人则在办公室附近的酒店预订了房间，以免上下班路上遇到危险。一切都因为反常天气的缘故而被迫调整，飓风导致美国股市和其他一些资产市场关闭，其他领域的交易也十分冷清。

'We have tried to minimize trading today,' said Marc Stern, senior managing director at Bessemer Trust, which oversees more than $70 billion.

纽约Bessemer Trust的首席投资长斯特恩(Marc Stern)说，我们已经努力尽量减少今天的交易。Bessemer Trust管理的资金超过700亿美元。

Mr. Stern spent Monday on conference calls, arranging to close offices in at-risk locations such as New York, Boston, Washington and Wilmington, Del. He worked part of the day from home on the 31st floor of a New York high-rise, with an occasional nervous glance toward windows that were rattling in heavy winds.

斯特恩周一召开了几个电话会议，安排关闭处于危险地区的办公室，这些高风险地区包括纽约、波士顿和特拉华州的威尔明顿。斯特恩的家位于纽约一座高层建筑的31层。周一他在家工作了一段时间，期间不时紧张地看一眼在狂风中格格作响的窗子。

Even with the U.S. stock market closed, investors found ways to trade. 'You can work around it to a certain extent,' said Nanette Buziak, head of equity trading at ING Investment Management. On Monday morning, 'where I would have been trading in stocks, we ended up trading what we needed to in futures. We're also still trading where we need to in international markets.'

即使美国股市休市，投资者也有办法交易。ING Investment Management证券交易负责人布兹亚克(Nanette Buziak)说，在一定范围内，你还是可以继续工作的。平常的周一上午，我应该会在交易股票，现在我们根据需要交易期货。我们还继续在国际市场从事所需要的交易。

Stock futures trading stayed open until 9:15 a.m. on Monday, giving a sense of how the stock market may have fared, had it opened. The Dow Jones Industrial Average futures fell 61 points, or 0.5%, to 12993. Standard & Poor's 500-stock index futures shed 4.85 points, or 0.5%, to 1402.75.

股票期货交易在周一上午9点15分之前一直保持开放，为股市在开盘的情况下会有何种表现提供了线索。道指期货(Dow Jones Industrial Average futures)下跌61点，跌幅0.5%，至12993点。标准普尔股票指数期货(Standard & Poor's 500-stock index futures)下跌4.85点，跌幅0.5%，至1402.75点。

Ms. Buziak made the transactions to ensure new cash invested in ING funds Friday was put into stocks, in order to align the products with their investment goals, she said.

布兹亚克说，她进行了一些交易，使周五投资进ING基金的新的现金被投入股市，使产品符合他们的投资目标。

But activity in the municipal-bond market ground to a halt Monday, as issuers postponed deals and trading wrapped up early. Some of the week's biggest deals are being pushed back to later in the week or are on a day-to-day schedule, if they aren't postponed indefinitely. According to muni-market participants, the four biggest negotiated bond sales - a $400 million general-obligation sale from Connecticut, a roughly $297 million deal from Utah Transit Authority, a $279 million offering from California Health Facilities Financing Authority and a $275 million deal from East Bay Municipal Utility District in California - were among the delayed offers, with pricing expected during the second half of this week, at the earliest.

不过，市政债券市场的活动周一完全中止，发行者推迟了发行时间，交易活动早早结束。本周发行规模最大的市政债券被推迟到了本周晚些时候，或是服从临时安排，甚至有可能无限期延期。据市政债券的参与者说，四只最大的协议销售债券──康涅狄格州4亿美元的一般义务债券、犹他州交通局(Utah Transit Authority)大约2.97亿美元的债券，加州卫生设施融资管理局(California Health Facilities Financing Authority)2.79亿美元的债券，以及加州东湾城市公用事业区2.75亿美元的债券与其他一些债券的发行都已经被推迟，预计定价最早将会在本周三以后进行。

A handful of other markets stayed active, but trading was thin and many people could not get to their desks. As a result, those who were around found themselves buzzing with activity, as traders hunted for scarce counterparties.

其他一些市场仍旧开放，但交投清淡，很多人无法抵达交易室。因此到达交易室的交易员缺少交易对手，为寻找对手方而一片忙乱。

'Actually, we are very busy today. Can I hang up now?' said Mamoru Arai, senior currency trader at Mizuho in New York, who said his firm was operating with only two traders on the floor today, compared with more than a dozen on a normal day.

瑞惠(Mizuho)驻纽约资深外汇交易员Mamoru Arai说：事实上我们今天非常忙，现在我可以挂电话了吗？他表示自己公司当天的交易全依赖交易大厅里的两名交易员，而平时有十多个交易员。

Trading in commodities such as oil and gold also stayed open, and the threat posed by Hurricane Sandy to gasoline refineries on the East Coast put a particular premium on watching the price moves in energy-related commodities. Gasoline futures jumped 2% and U.S. oil prices fell 1%, as traders weighed the risk of supply disruptions.

石油和黄金等大宗商品也在继续交易。由于“桑迪对东海岸炼油厂带来威胁，关注能源相关大宗商品的价格波动显得尤其重要。随着交易员考虑到供应中断的风险，汽油期货上涨2%，美国原油价格下跌1%。

'It was definitely worth being there,' said Mark Vonderheide, managing partner at Geneva Energy Markets LLC, who went into his firm's offices in Lower Manhattan, just outside the evacuation zone. 'It was relatively busy.'

Geneva Energy Markets LLC执行合伙人旺达黑德(Mark Vonderheide)去了办公室。该公司办公室位于曼哈顿下城，刚好在疏散区以外。他说，去办公室肯定是值得的；相对比较忙。

Mr. Vonderheide had reserved hotel rooms near the office for his staff, but ended up not needing them Monday. The superintendent of his small office building offered to drive him and a handful of employees home, dropping them off at various locations in Manhattan.

旺达黑德之前在办公室附近为员工预订了酒店房间，但周一并没有入住的必要。他所在小写字楼的管理员主动提出开车送他和一些员工回家、把他们送到曼哈顿的多个地点。

The drive was uneventful. 'Around Times Square, I was amazed how many people were walking around,' Mr. Vonderheide said. 'I was a lot more nervous about trading gasoline in a hurricane market then I was about driving home.'

路上平安无事。旺达黑德说：在时报广场附近，我吃惊地发现还有那么多人在走来走去；在飓风来袭的市场里交易汽油的时候，比我在搭车回家的时候紧张多了。

Those working from home were also making special arrangements. Walter Zimmermann, an energy broker with United ICAP, worked from his home in Pennsylvania, about 1,800 feet above sea level. His office, which is by the water in Jersey City, N.J., is not accessible.

在家办公的人们也做出了特别安排。经纪商United ICAP的能源经纪人齐默尔曼(Walter Zimmermann)就是在家工作。他在宾夕法尼亚州的住宅离海平面有1,800英尺（549米），而位于新泽西州泽西城的办公室就在海边，无法到达。

With a backup generator, Mr. Zimmermann said he expects to work from home for the next two or three days. He said he has a pretty big propane tank buried in the ground, which can supply power for the entire house for about a week.

齐默尔曼说，他有一台应急发电机，预计未来两三天都会在家工作。他说他在地下埋有一个相当大的丙烷储气罐，可以为整栋住宅供应约一个星期的电力。

The storm's reverberations were in focus even for traders not directly in its path. 'It's 80 degrees here, which is crazy, because nearly everyone I'm connected with is going through something completely different,' said Stephen Solaka, managing partner at Belmont Capital Group in Los Angeles, a portfolio manager active in options trading. 'Assuming nothing devastatingly crippling happens, this is basically like a four-day weekend.'

即便是没有直接处于飓风行进路线之内的交易员，也在密切地关注飓风的影响。洛杉矶Belmont Capital Group是一家活跃于期权市场的投资组合管理机构，执行合伙人索拉卡(Stephen Solaka)说：这里有80度（约27摄氏度），太不可思议了，因为跟我有联系的人几乎全都在经历某些完全不同的事情。他说，假如没有灾难性的破坏发生，这差不多就像是放了一个四天的周末。