What Four Financial Professionals Learned On 9/11

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On September 11, 2001, terrorist attacks in New York City resulted in the collapse of the World Trade Center and the loss of over 3,000 lives. The event forced the closure of the New York Stock Exchange for six days, marking the longest hiatus since the Great Depression. On September 17, NYSE chairman Charles Grasso oversaw the reopening of the markets, where the Dow Jones Industrial Average subsequently dropped over 7%. Industry experts, including Charles Schwab chief investment strategist Liz Ann Sonders, noted that the market's initial response was to price fear before facts.

Consequences

The market volatility following the attacks deepened an existing bear market and acted as a driver for the economic volatility experienced during the subsequent decade. The event underscored the necessity for investors to maintain portfolios and temperaments capable of surviving unpredictable black swan events.

Sources

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