US Equity Markets Reopen, Dow Falls Sharply

September 17, 2001 ( - After the longest closing since the Great Depression, the New York Stock Exchange (NYSE) shakily opened for business this morning.

US equity markets had remained closed last week following terrorist attacks on New York’s financial district and the Pentagon on Tuesday, in which some 5,000 are feared dead.

NYSE Chairman Richard Grasso rang the opening bell and began two minutes of silence to honor the thousands of people killed in the tragedy. Market participants on the floor then sang God Bless America.

The market tumbled steeply in the first 45 minutes of trading. At 10:12 am, the Dow Jones Industrial Index was down 6%. The Nasdaq was down 5.97%, while the S&P 500 was down 4.97%.

The market reopening followed a half point cut in the Federal Funds rate by the Federal Reserve.