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Archive for Tuesday, September 11, 2001

EXTRA - Financial markets closed as ‘safety precaution’

September 11, 2001

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— The U.S. financial markets came to a halt this morning after two separate planes crashed into the twin towers of the World Trade Center.

The Securities and Exchange Commission said all financial markets would be closed for the day. The announcement followed a suspension of trading on the New York Stock Exchange and Nasdaq Stock Market. The American Stock Exchange had already decided to close for the day.

"As a safety precaution while the tragic events of today are sorted out, the securities markets have decided not to open for trading today," SEC chairman Harvey Pitt said in a statement. "We strongly support that decision."

Pitt said markets would reopen "as soon as it is practicable to do so."

Much of the downtown district, including the nearby Financial Center, was evacuated. It was difficult to make phone calls to the downtown business district and throughout Manhattan.

The collapse of both of the World Trade Center skyscrapers and reports of attacks on the State Department and on the Pentagon in Washington added to the paralysis and terror already engulfing the financial district.

The fate of the 50,000 people who work in the twin 110-story towers was not immediately known.

Hundreds of companies sent their employees home for the day, putting thousands of New Yorkers into the streets after public transportation was shut down for fear of more attacks.

"The two explosions were incredible and at the point of explosions all you could see outside were personal belongings and office supplies raining outside," said Bob Rendine, an American Stock Exchange spokesman, whose office is down the block from the NYSE. "We're staying here. We think it's safer to stay inside then go outside at this point."

Business and trading in other parts of the country also were affected.

The Chicago Board of Trade also suspended all trading effective, 10:15 a.m.

Around the country and world, the investment community was focused on the fate of people working in the buildings affected by the apparent terrorist attacks.

"I'm just worried about people who are there," said Robert Harrington, head of listed block trading at UBS Warburg's office in Connecticut.

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