With fists punching the air and cheers engulfing the vast trading floor, the world's biggest stock exchange came back to life Monday, September 18, after its longest closure in 70 years, and fended off disaster.
"Welcome back to the greatest market on the face of the earth," proclaimed New York Stock Exchange chairman Richard Grasso as he opened the market, and then watched the Dow Jones Index slide more than seven percent.
However while few traders considered the 684.81 point slide a satisfying day's work, most were relieved the market avoided meltdown and the trading systems functioned more or less without a hitch.
"Put it this way, it could have been a lot worse," said Randy Carsten, a dealer with a major Japanese bank, as he puffed out his cheeks and slung his green trading jacket over one shoulder. Ray Keating, a systems analyst at Morgan Stanley, agreed: "I think most people on Wall Street were just relieved to get back to work."
The trying day began with tenacious stock market chief Grasso assembling a galaxy of big hitters on the balcony above the exchange — including Mayor Rudy Giuliani and Treasury Secretary Paul O'Neill — in an attempt to instill confidence following last week's terror attack that leveled the twin towers of the World Trade Center.
Below them, around 3,000 traders wearing their trademark brightly colored jackets ceased their shuffling and backchat as the exchange fell silent in memory of the 5,000 feared dead in last Tuesday's terrorist attack.
For two long minutes nothing moved. Some traders put a comforting arm around colleagues but most just looked glumly at the floor. But when US Marine Corps Major Rose Ann Sgrignoli sang a plaintive and unaccompanied "God Bless America", the masks on the faces of many traders slipped and many could be seen biting their lips.
The task of ringing the exchange's famous bell to open the trading day was given to a firefighter, a paramedic and two police officers — the men and women hailed as heroes over the past week.
The initial reaction was muted, almost casual. Many traders stood cheering and hugging rather than rushing back to their desks to begin trading. Even the sharp drop in share values failed to dampen the enthusiasm.
"The traders were delighted to see each other, very emotional, lots of kisses and hugs," said New York Stock Exchange vice-president Robert Zito. "They are just happy to be back at work and happy to see each other alive."
Many were seeing each other for the first time since the attack, and chairman Grasso showed his personal delight at being back in business as he toured the floor exchanging handshakes with traders.
The floor of the exchange was a riot of red, white and blue, with traders donning ties and scarves in the national colors rather than black armbands. Flags hung from computer terminals and sat on top of company trading booths, which were also affixed with posters of the missing. Rosettes abounded on lapels and sleeves.
And in a calculated, defiant act, to show terrorism would not bring America's financial hub to a standstill, a 30 by 60 foot (nine by 18 meter) Stars and Stripes was draped across the austere columns of the exchange's facade.
Security around the Stock Exchange building was intense. Knots of New York police officers were stationed every five yards and sniffer dogs checked the belongings of everyone who entered the building. Once inside, all were forced to pass through metal detectors. Security personnel were seen patrolling the corridors.
Teams of technicians worked throughout the weekend to ensure the exchange's complex trading system would be able to function when the floor opened. "It was a hell of a job but so far we have not had any complaints from any of our 500 members. This has been a triumph," Zito said, relieved that none of NYSE's 1,500 staff was killed or injured in the attack, though 130 employees from the enforcement division were working on floors 28 to 30 of Tower One.― (AFP, New York)
by Phil Chetwynd
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
