Content deleted Content added
m →World Trade Center: wikilink date |
m →Economic aftermath: wikilink date |
||
Line 319:
The attacks had a significant economic impact on the United States and world markets. The [[Federal Reserve]] temporarily had reduced contact with banks because of outages of switching equipment in the lower NY financial district. Contact and control over the money supply, including immediate liquidity for banks, was restored within hours. The [[New York Stock Exchange]] (NYSE), the [[American Stock Exchange]] and [[NASDAQ]] did not open on [[September 11]] and remained closed until [[September 17]]. NYSE facilities and remote [[data processing]] sites were not damaged by the attack, but member firms, customers and markets were unable to communicate due to major damage to the [[telephone exchange]] facility near the World Trade Center. When the [[stock market]]s reopened on [[September 17]], [[2001]], after the longest closure since the [[Great Depression]] in 1929, the [[Dow Jones Industrial Average]] (“DJIA”) stock market index fell 684 points, or 7.1%, to 8920, its biggest-ever one-day point decline. By the end of the week, the DJIA had fallen 1369.7 points (14.3%), its largest one-week point drop in history. U.S. stocks lost $1.2 trillion in value for the week. [[As of 2007]], [[Wall Street|Wall]] and [[Broad Street (Manhattan)|Broad Streets]] near the New York Stock Exchange remained barricaded and guarded to prevent a physical attack upon the building.
[[Image:Manhattan on September 12 - Landsat7.jpg|thumb|280px|left|[[September 11]] from space: [[Manhattan]] spreads a large smoke plume]]
The economy of [[Lower Manhattan]], which by itself is the third-largest [[Central business district|business district]] in the United States (after [[Midtown Manhattan]] and the [[Chicago Loop]]) was devastated in the immediate aftermath. Thirty percent (31.2 million [[Square foot|sq ft]], 2.7 million m³) of [[Lower Manhattan]] office space was either damaged or destroyed. The 41-story [[Deutsche Bank Building]], neighboring the World Trade Center, was subsequently closed because extensive damage made it unfit for habitation or restoration and it was scheduled for demolition. Power, telephone, and gas were cut off in much of [[Lower Manhattan]]. People were not permitted to enter the [[SoHo]] and [[Lower Manhattan]] area without extensive inspection. Much of what was destroyed was valuable [[Class A office space|Class-A]] space. The pre-2001 trend of moving jobs out of Lower Manhattan to Midtown and New Jersey was accelerated. Many questioned whether these lost jobs would ever be restored, and whether the damaged [[Tax|tax base]] could ever recover.<ref>{{cite web| last = Parrott| first = James| title = The Employment Impact of the September 11 World Trade Center Attacks: Updated Estimates based on the Benchmarked Employment Data| publisher = The Fiscal Policy Institute| date = March 8, 2002| url = http://www.fiscalpolicy.org/Employment%20Impact%20of%20September%2011_Update.pdf| format = pdf| accessdate = 2006-09-08}}</ref>. Economic studies of the effects of 9/11 have confirmed that the impact of the attacks on the Manhattan office market as well as on office employment was more limited than initially expected because of the strong need for face-to-face interaction in the financial services industry <ref>{{cite web| last = Fuerst| first = Franz| title = Exogenous Shocks and Real Estate Rental Markets: An Event Study of the 9/11 Attacks and their Impact on the New York Office Market | publisher = Russell Sage Foundation|date=September 7, 2005| url = http://papers.ssrn.com/sol3/papers.cfm?abstract_id=800006| accessdate = 2007-05-10}}</ref><ref>{{cite web| last = Russell| first = James S.| title = Do skyscrapers still make sense? Revived downtowns and new business models spur tall-building innovation.
| |||