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| 9 - 11 And The New York Stock Exchange
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| Investing is one of the fundamental pillars of wealth creation. In a short series, we will look into events that had an effect of investments as well as a few important investment principles.
Maybe
no event in American history was as dramatic as the attacks of
September 11, 2001. When the attack on Pearl Harbour happened, they had
live radio broadcasts bringing updates, and the next days newspaper
show photographs of the carnage, but with 9/11, we had live, crystal
clear television pictures beamed right into our living rooms. While they
still take pause to think of that horrendous day, the world's financial
markets took a hit like they never have before as the ripple effect
from Ground
Zero was felt all around the world.
When the attacks happened, and
because of how close the World Trade Centres were located to Wall
Street, trading wasn't even started. Everyone that had shown up to work
that day was told to stay inside until it was save. Many people inside
the exchange reported feeling the ground shake as the two towers
collapsed, and the exchange became a refuge for those fleeing the giant
cloud of dust, smoke and debris that appeared once the towers fell.
The
buildings that hold the New York Stock Exchange were not damaged during
the attacks, but a major telephone bunker then held the phone system
for the entire area located near the World Trade Centre was severely
damaged, hence making communication on the floor of the exchange
impossible.
The
stock market remained closed until September 17. It would turn out to be
the longest that the market would remain closed since 1933 and the
Great Depression. During it's first day of trading after the attacks,
the market lost over 680 points, the single biggest one day drop in the
exchanges history. While the drop only accounted for a little over 7
percent, it is still considered a major event. By the end of that first
week back open, the Dow Jones had lost over 1360 points or 14 percent of
its value. It would go down as the worst week in market history. The
total money losses during that time were estimated to be around 1.2
trillion.
The events of September 11 led to a dramatic increase
in security around the exchange, as many feel it could be a target in
future attacks.
The
events of 9/11 will live on in the minds of everyone who lived through
it. For those who had shown up for a day at work on Wall Street, the
event is difficult to forget. The NYSE came through it stronger and so
did the nation.
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