Terrorist Attack on World Trade Center NY

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NickLeeson

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This has got to be one of the saddest and most horrific days we will ever remember.

The unbelievable viciousness of such a horrible and cowardly attack on innocents.

My sincere thoughts and prayers are with the victims and their families.
 
Waves of terrorist attacks hit United States
By FT.com staff
Published: September 11 2001 14:10 | Last Updated: September 11 2001 14:57



Two large passenger jets have crashed into the World Trade Center in New York on Tuesday morning followed by a third plane hitting the Pentagon in Washington.

They are thought to be acts of terrorism.

The White House has been evacuated.

It is thought there are at least 1,000 injuries.

The first plane, which is still embedded in one of the WTC towers, hit the building at about 0845 New York time.

The second plane later flew into the second tower, which exploded leaving both towers with smoke and flames billowing from them.

The attacks were followed by a third plane hitting the Pentagon near Washington.

There were further reports of a fire breaking out on the Mall in Washington, next to the White House, which has been evacuated.

Immediately after the attacks the Democratic Front for the Liberation of Palestinian, a militant Islamic group, made a claim of responsibility to a television in Abu Dhabai.

Witnesses to the WTC attacks said there was a large explosion and all the windows in the centre in the financial district were blown out.

President Bush said: "Today we have had a national tragedy.

"Two planes have crashed into the World Trade Center in an apparent terrorist attack on our country.

"I have spoken the FBI, the Governor of New York and ordered the full resources of the federal government to help victims and their families to hunt the folks who commited this act.

"May god bless the victims and their families in America."

CNN has been told one of the jets was an American Airlines which was hijacked from Boston airport.

Jeff Levine, a witness said: "It just flew over my head. The plane was flying really low. It was coming from the north, going south. Everybody looked up at it then it went straight into the top of the tower of the WTC.

"It looks like it went through the building. The top of the building is on fire."

http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3IFRFPHRC&live=true&tagid=FTDO9DHMZJC
 
I don't have a contingency plan for anything of this magnitude. What on earth do you do? Only the Q's seem to still be actively traded.

The only stock I'm short is a gold stock!
 
I can't believe this. This is war! It's a strike at the heart of the US financial center. Some brokerage houses facilities may have been impacted so I wonder about the fallout of this terrorist attack on the processing of transactions when the exchanges will open tomorrow, or will they even open this week?
 
WOW....WOW!!!!
I hope everyone on this board is ok..... I don't know about the markets... I started to nibble on q's and msft. I booted all msft.... And I have 1900 qubes left. Looks like I'm down huge eh? WOW!! There is no contingency plans for this I guess. I guess just no overnights. Thank god I didn't have any..... I hope you are all ok though, lives come before money..... I assume that we don't have a stock market for a few days minimum.
 
NY Markets Suspended After Crashes
September 11, 2001 10:35:00 AM ET


By Rene Pastor

NEW YORK (Reuters) - New York financial markets suspended operations and were thrown into disarray on Tuesday after two planes crashed into the World Trade Center.

The New York Stock Exchange on Wall Street delayed the start of trade indefinitely. Other commodity and stock exchanges located in lower Manhattan also suspended business. The Nasdaq market said it planned to begin trading at 11:30 a.m. EDT.

``They've evacuated the building,'' said Mike McDougall, vice president of the Latin American desk at FIMAT USA Inc., who had been at the New York Board of Trade at 4 World Trade Center, where FIMAT brokers handle futures in coffee, cocoa and other commodities.

The first explosion came a few minutes before 9 a.m. EDT, just as trade was getting started in some futures markets.

President Bush said the two planes which plunged into the World Trade Center were part of an ``apparent terrorist attack'' and an investigation has been launched.

Brokers said trading at the New York Mercantile Exchange (NYMEX) has been halted with no word from either the New York Board of Trade (NYBOT) or NYMEX on when they may resume.

NYBOT trades raw sugar, arabica coffee, cocoa, cotton and orange juice. NYMEX trades crude oil, unleaded gas, heating oil, electricity, platinum and palladium. Gold, silver and copper futures are traded at NYMEX's COMEX division, which was also shut.

Prudential Securities analyst Arthur Stevenson, who works a few blocks from the scene, said he thinks all Prudential workers in the World Trade Center have fled the complex and he believes they are safe.

Attempts to contact the offices of exchange officials in NYBOT and NYMEX were futile while the phones of floor brokers were going unanswered.

© 2001 Reuters
 
Originally posted by praetorian2
WOW....WOW!!!!
I hope everyone on this board is ok..... I hope you are all ok though, lives come before money.....
More...

Yes, absolutely unbelievable and sick.

Praetorian, I agree fully with you that lives come before money, but I still also hope that you and others will be able to come out of this.
 
Dollar sinks after attacks

Both of the World Trade Center towers now have collapsed. The dollar is sharply lower, gold is rising and oil prices are soaring. One likely corporate casualty: insurers.

Powerful explosions have now toppled both of the twin towers of New York's World Trade Center, home to thousands of workers and dozens of financial companies. Blasts also hit the Pentagon. Markets are closed and the financial district is engulfed in smoke.
"It is pitch black," CNBC's Maria Bartiromo said of the scene on Wall Street. "You are basically surrounded by smoke and debris coming at you. Earlier, we actually saw bodies coming out of the top of the World Trade Center."

Bartiromo is reporting from inside the New York Stock Exchange, which she says has suffered no internal damage.

The dollar has fallen against other major currencies, and the price of gold -- historically a shelter in uncertain times -- is rising. Oil prices are surging. European stock indexes have plunged.

Dollar loses ground as investors seek safety

The dollar continues to lose ground against other currencies, falling particularly sharply against the euro as investors seek safer ground. The Swiss franc, a traditional safe haven for world investors, has risen sharply after the series of explosions.

Currency strategists interviewed by news services continue to assert the dollar will bounce back after the knee-jerk selling.

European stock indexes slide

The pan-European FTSE Eurotop 300 has lost 4.5% of its value, and indexes in major European capitals were lower. Some European markets closed temporarily, while others remained open.

Insurance burden will be huge

The human and political damage of today's attack is impossible to calculate, but one corporate casualty is sure to be the insurance industry. Claims will easily reach into the billions of dollars, according to industry experts quoted by the news services.

"It is safe to assume claims will be in the billions," Robert Hartwig, chief economist for the Insurance Information Institute, told Reuters. He says losses from intentional attacks generally would be covered.

Among the largest property/casualty insurers are AIG (AIG, news, msgs), Allianz (AZ, news, msgs) and Allstate (ALL, news, msgs).

-- Scott Gerlach
 
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