Businesses, Markets Observe Sept. 11

Sept. 11 -- An uncommon silence replaced the hectic bustle normally found on the nation's financial trading floors for several hours this morning as stock markets joined other U.S. businesses in commemorating the first anniversary of the terror attacks on the United States.

Enterprises from lower Manhattan to the West Coast remembered those lost during the terrorist attacks, but at the same time hoped to show that life goes on for the world of commerce.

The major U.S. equity markets — the New York Stock Exchange, Nasdaq and the American Stock Exchange — all delayed their openings well beyond the usual 9:30 a.m. to allow for special memorial services at nearby Ground Zero — the site where the World Trade Center once stood — as well as for their own opening tributes.

Thoughts of the attacks seemed to weigh heavily on traders. Stocks traded slightly higher for most of the day, but ended the session slightly lower in very subdued volume.

"I don't think anyone is focused on stocks and that's part of the problem today," Stephen Massocca, head of trading at CIBC World Markets told wire services. "Tomorrow it will be back to business,but today people are reliving some terrible memories."

Stock Exchanges, Marred by Attacks, Commemorate Losses

The exchanges in New York's financial district were greatly affected by the Sept. 11 attacks, remaining closed for four tense trading days following last year's attacks.

For instance, the New York Stock Exchange, which today delayed its opening by 2 ½ hours, was not damaged directly last Sept. 11 but had the connection to its member firms and customers disrupted because of damage to a switching facility near the twin towers.

Before today's opening bell, the exchange observed two minutes of silence, followed by the singing of the national anthem by New York City Police Officer Danny Rodriguez.

On hand for the ringing of the opening bell were dignitaries like New York Gov. George Pataki, New York City Mayor Michael Bloomberg, former Mayor Rudolph Giuliani and Securities and Exchange Commission Chairman Harvey Pitt, as well as representatives of New York City's police force, firefighters, sanitation workers, emergency squads and the Port Authority Police Department.