Hurricane Sandy Live Coverage Video: Gains Strength, to Hard-hit New York - Wall Street, Schools, Subways, Rail Service Suspended

Hurricane Sandy wreaked havoc across the US as it gained strength Monday, while threatening the lives of about 50 million people in highly populated East Coast and expected to bring life-threatening storm surge. Watch the live coverage video below.

The large-scale exodus of people continued as they moved toward the higher grounds. The schools, commercial establishments, subways, rail services, including the Wall Street were closed fearing super storm.

The stock market suffered its first weather-related closure in 27 years, according to Reuters.

The forecasters predicted that New York could face the worst of Hurricane Sandy. On the other hand, heavy rain and wind resulting from the super storm have started to jolt the northeast of US, according to reports.

Meanwhile, New York, Gov. Andrew Cuomo announced that schools, subways and rail services will remain suspended until Sunday 7 p.m

Sandy is set to collide with a winter storm that could unleash the worst storm disaster in the history of US. The monster storm was expected to affect the about 50 to 60 million people and deeply hit normalcy across the nation, including power outrages, cutting connectivity, cause heavy flooding, uproot trees.

President Barack Obama declared emergencies in certain states based on the recommendations of Federal Emergency Management Agency (FEMA). He signed emergency decoration in states permitting the federal agency to briskly and effectively carry out the relief works in order to contain the future damages that could be caused by the storm.

A state of emergency has been declared in Massachusetts, Connecticut, Rhode Island, New York, New Jersey and Pennsylvania. Forecasters said that the maximum sustained winds have increased to near 85 mph to 140 km/h, with higher gusts.

"Sandy is expected to transition into a frontal or wintertime low pressure system prior to landfall. However, this transition will not be accompanied by a weakening of the system and in fact a little strengthening is possible during this process. Sandy is to weaken after moving inland," said National Hurricane Center in a statement.

The weather officials also forecasted a turn toward of sandy to the west-northeast Monday night. The centre of storm is expected to get past the coast of Mid-Atlantic States by this evening or tonight.