Transcript for 9/17/01: Stock Market Reopens
Are you. Markets in this day also opening. At 930. And pretty quickly we're gonna have an indication of just how the markets responded and was insisting this is Grasso Dick Grasso. President. Chairman of New York Stock Exchange was talking to traders assembled below just moments seconds before. The moment of silence they were still. It's sort of frenetic activity down so visible signs again they stopped but obviously some trades or something. The market closed on Monday 9605. Points 59 this is of course the New York Stock Exchange. Was down slightly from Friday. And done that today there was one billion to it and 5112630. Trades up to heavy volume of trade. Last month it. All right just to get some sense we put together. Stock exchange we'll give you the numbers the market begins to move but there are a number of people. Of the we want to talk to get some sense of what's ahead of Denver were joined by David Jones chief economist for Aubrey Lanston in Chicago or financial contributor nobody Hobson is with us. Here in New York Muriel Siebert the first woman to own a seat in the New York Stock Exchange. Robert Hormats Goldman Sachs vice chairman is where this. And in Waltham Massachusetts formerly restricted Robert Reich he was joining us. Some of the students at Brandeis and just in the first couple of seconds the Dow Jones Industrial Average down. Little over 67 points down down 84 points in his opening slide was anticipated but we'll see how it goes 110 now. Understand so this is beginning. A pretty sharp slide David Jones is this what you expected. Yes I think there was no other option here we've had a major shock to. Not only the psychology of the country but also to the financial markets and I think we headed the ready for this. Downdraft I would add quickly that the economy which is on the verge of recession probably will be. Tilted over at least briefly I do see it come back next year but I think the days will be dark in the short. Right now down 112. We'll keep you posted it to second by second as we get the information can it turned out to our own contributor. Melanie Hobbs in the Bay Area capital management because melodies said. One thing to do for everybody out there. Is look at the week stocks may be with the exception of airlines we'll look at the week's ducks and don't forget there is an opportunity. That's exactly right and these kinds of conditions where there me be a great deal of selling. There's a lot of fear and anxiety right now there will be some wonderful buying opportunity. And the person has the courage to step Benton and body when there is anxiety and fear is the person whom make the most money. Robert Hormats of may have from Goldman Sachs of the Chengdu about how much of the slide do you anticipate when do you think things begin to stabilize was America. What's very hard to predict I think there is obviously. Of the movement downward probably will continue for a while but. After a point he boarded a C buying opportunities and will then start buying home when that a person's awfully hard to predict. The fundamental point though that I think we need to look has appointed chairman Dick Grasso made and other civilian that is. The American economy the structure of the American financial system under all means American economy. Are still strong we will get through this period the pickles and maybe they'll be a number of issues and lot of volatility but. People love a longer term view at some point or violent Qichen and take advantage of this opportunity. Seriously but I. It's a strange point to make here but I'm curious to know who's selling I mean it almost seems and I heard a lot of talk about it would almost seems. It non patriotic to be silly stuff. Well you have to realize that the foreign investors own a lot of new Xbox. And it's quite possible that since the dollars a little weaker than did their investments go down. So you could see foreign selling here and hopefully we'll get out over the when he has begun. Not to mention the numbers we're seeing the lower left hand corner numbers. Exchanges those are slightly. The lid was we're trying to get to look to follow the market distance closely kid it's somewhat related. Remind everybody what we know which is the market has put in place the number of break points and if the market to drop 10% about 1100 points they will be. A halt to will be a break point cards and regroup.
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