you are a reporter for the London eye write a newspaper report on the incidents that unfolded at stoke Moran
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Markets Will Remain Closed Again Today; Officials Assess Damage.
In the wake of the destruction caused by the terrorist attack on lower Manhattan, the nerve center of U.S. finance, all major markets were closed yesterday and will remain closed today, as officials scramble to instill confidence in shaken global investors. When U.S. markets will reopen and what will happen when trading resumes is unclear, as officials sift through the physical damage and human carnage.
There is a risk that U.S. stock markets, already shaky, could follow the jittery reaction in the global markets that did remain open yesterday. In Europe, the Dow Jones Stoxx 50 index of European blue chips plunged 6.1% to its lowest level since August 1998. British stocks fell 5.7%, French stocks 7.4% and German stocks 8.5%.
In a further sign of nervousness, on Wednesday in Asia, the benchmark Nikkei index of major Tokyo stocks was down 5.9% at 9685.77 in midday trading, falling below the psychologically important 10000 mark for the first time since 1984. The dollar fell sharply against both the Japanese yen and the euro, while the price of gold -- considered a haven during times of crisis -- spiked up.
"Even if it's physically possible" to reopen trading, "it may not be practical," Harvey Pitt, chairman of the Securities and Exchange Commission, said in an interview yesterday afternoon. He said officials needed to be sensitive to the tragedy hitting employees, and the state of trading systems. The shutdown will affect all stock and futures markets, which shut yesterday morning shortly after word of the bombing attacks spread.
The Bond Market Association told securities firms that bond trading had been suspended "indefinitely."
The Federal Reserve promised to provide sufficient cash to keep the financial system stable.
The last time the New York Stock Exchange closed for an unscheduled day was Richard Nixon's funeral in 1994, and the last time for two unscheduled days was for V-J at the end of World War II. Perhaps the last big shutdown because of direct damage to financial markets was the 1835 New York City fire. Past history suggests the stock market will likely tumble when it finally opens again for trading, but a rebound could follow. The Dow Jones Industrial Average sank 2.9% the day after the Pearl Harbor bombing, perhaps the most comparable tragedy in U.S. history, according to brokerage firm A.G. Edwards in St. Louis.
The U.S. stock market was in a bear market and the economy struggling at the time of Pearl Harbor, similar to its state before yesterday's surprise attack. The Dow average was down a full 9.7% three months after the Pearl Harbor attack.
But the Dow average was off just 0.1% 12 months after the attack, after signs of an economic recovery emerged.
The market has generally shrugged off terrorist attacks such as the one against the federal office building in Oklahoma City or the first bombing of the Trade Center, though those attacks were less severe than this one. "In terms of magnitude, this is so much greater, I don't think it's comparable," said Steve Leuthold, head of Leuthold Group, a money-management and research firm in Minneapolis. He added that the Kennedy assassination was a reasonable comparison because people believed it was part of a broader attack on the U.S. government.
The market was open at the time of the attack and quickly fell 4% before trading was halted. But when the market reopened several days later following the president's funeral, it was clear to investors that the government was secure, and the market surged 4% that day.
Some analysts feared a prolonged shutdown of U.S. markets could only further erode investor faith in workings of the financial markets. "Keeping the markets closed shows that terrorists brought you to bay, and it also creates more uncertainty," said Gary Gensler, the top Treasury official overseeing financial markets for the Clinton administration. Open markets would "allow for a lot of economic pressures to be relieved in an orderly way," he added.
But others speculated that an extended period with no trading could allow markets to reopen in a climate of calm, once the initial period of panic and rumor had passed. "The longer it takes, the less shock there's going to be," Mr. Leuthold said.
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