Attacks paralyze
financial markets

U.S. stock and bond trading close
as reverberations are felt worldwide

American exchanges are not expected
to be fully operational for several days

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By Lisa Singhania
Associated Press

NEW YORK >> The U.S. financial markets came to a halt today after two planes crashed into the twin towers of the World Trade Center.

The Securities and Exchange Commission said all financial markets would be closed through tomorrow. The announcement followed a suspension of trading on the New York Stock Exchange and Nasdaq Stock Market. The American Stock Exchange already had decided to close.

"As a safety precaution while the tragic events of today are sorted out, the securities markets have decided not to open for trading today," SEC chairman Harvey Pitt said in a statement. "We strongly support that decision."

An announcement is expected tomorrow on when trading will restart. But it was likely it would be at least a few days before activity fully resumed because of the devastation to the World Trade Center and the damage to surrounding businesses.

Many of the nation's investment firms have at least some of their operations in the World Trade Center or surrounding buildings, possibly limiting their ability to restart quickly. And the New York Mercantile Exchange, where energy futures are traded, is in the nearby World Financial Center.

Much of the downtown district was evacuated. It was difficult to make phone calls to the downtown business district and throughout Manhattan.

The collapse of both of the World Trade Center skyscrapers and reports of attacks on the State Department and on the Pentagon in Washington added to the paralysis and terror already engulfing the financial district. The fate of the 50,000 people who work in the twin 110-story towers was not immediately known.

Hundreds of companies sent their employees home for the day, putting thousands of New Yorkers into the streets after public transportation was shut down for fear of more attacks.

Business and trading in other parts of the country also were affected. The Chicago Board of Trade suspended all trading.