Economic Aftermath
The attacks had significant economic repercussions for the United States and world markets. The New York Stock Exchange, the American Stock Exchange and NASDAQ did not open on September 11 attacks and remained closed until September 17. New York Stock Exchange (“NYSE”) facilities and remote data processing sites were not damaged by the attack, but member firms, customers and markets were unable to communicate due to major damage to the telephone exchange facility near the World Trade Center. When the stock markets reopened on September 17, 2001, after the longest closure since the Great Depression in 1933, the Dow Jones Industrial Average (“DJIA”) stock market index fell 684 points, or 7.1%, to 8920, its biggest-ever one-day point decline, which would not be matched until the Financial Crisis of 2007–2009 where on September 29, 2008 it lost 777 points or 7.0%. By the end of the week, the DJIA had fallen 1369.7 points (14.3%), its largest one-week point drop in history. US stocks lost $1.2 trillion in value for the week.
Read more about this topic: Aftermath Of The September 11 Attacks
Famous quotes containing the words economic and/or aftermath:
“One set of messages of the society we live in is: Consume. Grow. Do what you want. Amuse yourselves. The very working of this economic system, which has bestowed these unprecedented liberties, most cherished in the form of physical mobility and material prosperity, depends on encouraging people to defy limits.”
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