September 11, 2001

2:50 PM

There were more than 4 Crashes Todayas the world markets were hammered. Percentage-wise, Germany is down 10, Paris down 7, London down almost 6, and similar catastrophic drops in the Americas forced nearly all of the world's markets to close for the day early. I'm worried about the Hang Seng and Nikkei which open very soon. Hopefully the NYSE and Nasdaq will not open for a week or so to let cooler heads prevail.
posted by Kevs (16 comments total)

Though, as usual in times of crisis, the price of oil has increased. I don't see trading on NYSE and Nasdaq being suspended for as long as a week, however.

Maybe it's a shame, but maybe it's a good thing (I don't have an opinion either way on this one). Disruption to trade was surely one of the aims of this terrible event.
posted by jackiemcghee at 2:59 PM on September 11, 2001

The US government will never allow the markets to stay closed that long.

I forget exactly where, but the markets have a COMPLETE backup of all systems either in Brooklyn or Jersey City. I bet they are up-and-running for Wednesday morning.

I do hope cooler heads prevail, but I fear not.

Looks like terrorism has done exactly what it intended...terrorizing people.

I live on the Upper West Side in NYC and every food staple is sold out. Quite strange to see that. Even with blizzards people don't panic like that. Rest assured, the shelves will be filled again tomorrow.

We will prevail...
posted by half at 3:05 PM on September 11, 2001

Gas went up 2 dollars near me. It's crazy really, within a few hours the gas price rocketed and there are 15 minute lines. I wish there would be some kind of "price lock" on goods like this. Everyone should just calm down and don't horde. Sorry I can't form a more eloquent comment.
posted by geoff. at 3:06 PM on September 11, 2001

oil and gold are stable commodities, and so will go up. Nothing will happen in New York for at least a week now - cleanup will take that long.

Heres something - given that the US economy has mainly been boosted by rampant consumer spending, could there be a possibility of a recession now that this consumer spending will have an enormous downturn? (people will be scared shitless). NYSE is definately closed for tmrw according to official statement.
posted by Mossy at 3:07 PM on September 11, 2001

don't forget the inflationary effect of the dollar declining. Goods imported from third world nations will cost up to 10% more at least for the next week, inflation could begin to run rampant.
posted by wsfinkel at 3:11 PM on September 11, 2001

CNBC said the markets are reopening on Wednesday.
posted by owillis at 3:12 PM on September 11, 2001

I thought the DAX closed early due to a bomb threat around the time of the (airplane) crashes? That's what Erste/Tagesschau said earlier in the day...

KPH
posted by kphaley454 at 3:20 PM on September 11, 2001

The Toronto Stock Market fell nearly 5% within minutes...before being shut down. I really hope that people don't go into a panic frenzy, but somehow, I doubt it.
posted by mkn at 3:26 PM on September 11, 2001

When was the last time the NYSE and Nasdaq were down for more than a few days?
posted by Mossy at 3:38 PM on September 11, 2001

US Markets will be closed Wednesday.
posted by jgilliam at 3:46 PM on September 11, 2001

Last time markets were closed for two days was when JFK was shot. Or so sez CNN.
posted by jaek at 3:57 PM on September 11, 2001

Then buy when the markets drop....let the govt take care of every thing else.
posted by Postroad at 5:06 PM on September 11, 2001

holy crap.
posted by Shadowkeeper at 5:16 PM on September 11, 2001

shadow: no kidding. holy shit.

(time to invest)
posted by jcterminal at 5:55 PM on September 11, 2001

This sounds like more market irrationality to me. This will not have any long term effect on U.S. industry, so why should it affect stock price?

Actually, it sounds like a great time to invest a bunch of money, which is kind of sad.

-Mars
posted by Mars Saxman at 8:30 PM on September 11, 2001

Expectations of consumer confidence are the only thing holding up market valuations. Do you think this will raise or lower expectations of consumer confidence?
posted by NortonDC at 8:58 PM on September 11, 2001