The U.S. stock market is expected to be closed on Tuesday because of Hurricane Sandy, a source said on Monday.

The decision to close markets for a second straight day because of the storm was made during a call between industry executives and regulators, said one person who was on the call. An official announcement was expected shortly.

Every effort is being made to reopen markets on Wednesday, but a final decision has not been made yet, the source said.

(Reporting by Ryan Vlastelica; Editing by Chizu Nomiyama)