surprise move on midday......!!!???

virgin · Apr 18, 2002

What news was there at 11:55 that moved

the market so furious .......??????

tom_p · Apr 18, 2002

Originally posted by virgin
What news was there at 11:55 that moved

the market so furious .......??????

Small plane crashed into Milan skyscraper. CNBC said nothing for about 3 minutes, then went into a long commercial break, and only mentioned it after that. To be fair, CNN and FOX also took their time.

JayS · Apr 18, 2002

A small tourist plane hit a skyscraper (Pirelli skyscraper) in central Milan, Italy.

It is one of the symbols of Milan, Italy's financial capital, and stands 400 feet tall. The city's stock exchange suspended share trading after the incident.(Reuters)

virgin · Apr 18, 2002

Tom_P ,

You are not kidding...?

tom_p · Apr 18, 2002

Originally posted by virgin
Tom_P ,

You are not kidding...?

Unfortunately not. Why would you think that anyway?

virgin · Apr 18, 2002

You Americans tought it was maybe a new WTC
....?

Eldredge · Apr 18, 2002

Why do you suppose the market went down so hard when it looked like terrorism, and came back when it looked like an accident? While tragic, the damage is the same either way. I don't really understand the markets violent reaction to possible terrorism

.

BruceF · Apr 18, 2002

Originally posted by virgin
You Americans tought it was maybe a new WTC
....?

Why should anyone think that? Just because the plane hit at almost 6PM local time? Or that this is one of the tallest buildings in Milan? Or that because this building has offices for the local government and is a symbol of the Italian industrial power? Or because planes don't really fly in this area? Or....

I guess everyone else knew the answers to these questions in the first minutes, except us Americans. :eek:

saschabr · Apr 18, 2002

Originally posted by Eldredge
Why do you suppose the market went down so hard when it looked like terrorism, and came back when it looked like an accident? While tragic, the damage is the same either way. I don't really understand the markets violent reaction to possible terrorism .

Same thing as 2 years ago. Higher unemployment -> market upside since less interest rate hike fears.

Markets reflect principles of evolution. They are highly unsocial,
not to say cruel.

BruceF · Apr 18, 2002

Originally posted by Eldredge
Why do you suppose the market went down so hard when it looked like terrorism, and came back when it looked like an accident? While tragic, the damage is the same either way. I don't really understand the markets violent reaction to possible terrorism .

While the physical damage to the building is the same, how would anyone know if this was just an accident or just the first of many terrorist acts to come? My crystal ball is broken. I'm guessing the one at the NYSE is also.

I also don't think that the comments by an Italian official that this was a possible terrorst attack didn't help matters.