Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
On this day 18 years ago, the U.S. stock market never opened following the terrorist attacks on the World Trade Center in New York.
Where The Market Was
The Dow Jones Industrial Average closed at 9,605.51 and the S&P 500 traded at 1,092.54.
What Else Was Going On In The World?
In 2001, Timothy McVeigh was executed for bombing a federal building in Oklahoma City. Congress passed a new law requiring all airport security screeners be U.S. citizens and undergo criminal background checks. The average cost of a new house was $136,150.
US Attacked
American Airlines Flight 11 crashed into the World Trade Center North Tower at 8:46 a.m. and American Airlines Flight 175 hit the South Tower less than 20 minutes later at 9:03 a.m.
Given the proximity to Wall Street and the confusion surrounding the implications and source of the attacks, the Nasdaq and NYSE chose not to open for trading on Sept. 11 and remained closed until Sept. 17. The 2001 market closure was the longest period of time the U.S. markets had remained closed since 1933.
On the first day stocks resumed trading, the market fell 7.1%. The Dow finished the week down more than 14%, and the S&P 500 finished down 11.6%, wiping out roughly $1.4 trillion in value over a five-day stretch.
Related Links:
Why Can't The Stock Market Be Closed For 2 Weekdays In A Row?
U.S. Navy photo via Wikimedia.
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