Stock market during 9/11

Stock market during 9/11

Author: bloomster Date of post: 04.07.2017

The economic effects arising from the September 11 attacks were initial shock causing global stock markets to drop sharply.

The opening of the New York Stock Exchange NYSE was delayed after the first plane crashed into the World Trade Center 's North Tower, and trading for the day was canceled after the second plane crashed into the South Tower.

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NASDAQ also canceled trading. The New York Stock Exchange was then evacuated as well as nearly all banks and financial institutions on Wall Street and in many cities across the country.

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The London Stock Exchange and other stock exchanges around the world were also closed down and evacuated in fear of follow-up terrorist attacks. The New York Stock Exchange remained closed until the following Monday.

This was the third time in history that the NYSE experienced prolonged closure, the first time being in the early months of World War I [2] [3] and the second being March during the Great Depression. Trading on the United States bond market also ceased; the leading government bond trader, Cantor Fitzgeraldwas based in the World Trade Center.

The Federal Reserve issued a statement, saying it was "open and operating.

stock market during 9/11

The discount window is available to meet liquidity needs. Currency trading continued, with the United States dollar falling sharply against the EuroBritish poundand Japanese yen.

In international and domestic markets, stocks of companies in some sectors were hit particularly hard. Online travel agencies particularly suffered, as they cater to leisure travel. Only a few insurers offer such coverage, and it is limited and very expensive. Flights were grounded in various places across the United States and Canada that did not necessarily have the operational support in place, such as dedicated ground crews.

A large number of transatlantic flights landed in Gander in Newfoundland and retained earnings difference cash dividends affect HalifaxNova Scotiawith the logistics handled by Transport Canada in Operation Yellow Ribbon.

Share prices of airlines and airplane manufacturers plummeted after the attacks.

stock market during 9/11

Midway Airlinesalready on the brink of bankruptcy, shut down operations almost immediately afterwards. Other airlines were threatened with bankruptcy, and tens of thousands of layoffs were announced in the week following the attacks. The reduction on air travel demand caused by the attack is also seen as a contributory reason to the retirement of the only supersonic aircraft in service at the time, Concorde.

Tourismhotel occupancy and air travel also fell drastically across the nation. From this, she concluded that "Most participants felt more distress 65 percent stock market during 9/11 a stronger fear of flying 55 percent immediately after the event than they did before the attacks. The economic effects were mainly focused on the city's export economy sectors.

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Approximately 18, small businesses were destroyed or displaced after the attacks. The September 11 attacks also led directly to the U. The earnest money in nc were also cited as a rationale for the Iraq war. From Wikipedia, the free encyclopedia. A Retrospective Assessment" PDF. The New York Times. Planning September 11, World Trade Center collapse Remainder of September October Post-October.

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List of stock market crashes and bear markets. Retrieved from " https: Aftermath of the September 11 attacks Economic crises in the United States Stock market crashes.

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