Benzinga Market Update

As hurricane Sandy moves towards the east coast, both electronic and on-floor trading at the NASDAQ and NYSE have been closed for the day. At 4:00 pm eastern, it will be decided if markets will be closed Tuesday as well. Stay tuned to Benzinga for updates on the storm's progression and on decisions regarding the market opening tomorrow.

In commodity news, oil traded down 0.29 percent to $86.03, while gold traded up 0.08 percent to $1,713.20. Silver traded down 0.13 percent Monday to $31.90.

In the Euro Zone this morning, markets were largely down, continuing to be weighed down by the financial woes of Spain and Greece. Italian prime minister Mario Monti stated this morning that his country does not need a bailout, he went on to say that the Italy-Germany Bond spready was wider than it should be, and that he could not be threatened by parliamentary supporters. France's president Francois Hollande also made a statement, saying that the Euro zone was close to exiting the crisis, drawing great skepticism from many investors.

In Economic news, personal income was reported at 0.4 percent, exactly as expected, and was slightly higher than the previous figure of 0.1 percent. The Dallas Fed manufacturing index was also announced, coming in at 1.8, well above the expected 0.0 and the prior figure of -0.90.