Jim Cramer: The NYSE Will Not Look the Same
The New York Stock Exchange will have a partial reopening on May 26, the day after Memorial Day.
Stacey Cunningham, President of the Stock Exchange, broke the news in an Op-Ed in the Wall Street Journal late Thursday evening.
"Those who have worked in Lower Manhattan as long as I have tend to measure the city’s pulse by the hum of small businesses neighboring the financial powerhouses. There hasn’t been much hum lately, either from the little shops, like Minas Shoe Repair on Hanover Square, a regular stop on my commute until it closed March 14, or at the big firms, like the floor of the New York Stock Exchange, which has been limited to all-electronic trading since March 23," she wrote.
This opening, however, is only a partial reopening.
A “subset” of brokers will be allowed access to the floor beginning May 26, exchange president Stacey Cunningham wrote in a Wall Street Journal column Thursday.
The re-opening will involve new safety measures to preserve social distancing and frequent cleanings. Floor brokers will also be required to wear face masks and will have their temperatures checked before entry. Workers and visitors to the exchange will be asked not to take public transit, including buses and the subway, to the exchange.
All trading since the floor closed in March has been conducted electronically.
Jim Cramer said even with the reopening, the floor is going to look a lot different for some time to come due to social distancing.
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