New York City plans to sell its paper stock trading business, with some small parts remaining in New York State.

The New York Stock Exchange, which operates out of its main building, is not selling its trading stock business, a source told The Associated Press.

The city will close its trading floor, known as the New York Exchange, and will have about 10% of its trading desk and floor closed, the source said.

New York will also close the office of its state-run exchange, the NYSE, and also some offices of its federally insured banking and securities companies, the person said.

There will be no further trading of the NYX stocks or the NYSSEs other securities, the official said.NYSSE trading will be limited to New York and New Jersey.

The decision comes just a day after the New Jersey Stock Exchange said it would close its New Jersey offices, which were the largest in the nation.

It was the latest move to close markets amid an economic downturn that has hurt consumer spending and job creation.

The Dow Jones Industrial Average fell more than 7% on Thursday, its biggest one-day drop since December.