As many of you know the markets will also be closed tomorrow. What would this mean? Given the current state of the market already, this is devastating. Market requires liquidity. Without liquidity you have panic. Panic causes sell offs. Sell offs will devalue many companies already having a bad time in the market.
Many wirehouses are housed within the WTC. Oppenheimer Fund HQ is in the WTC. Oppenheimer is amongst the top 10 Mutual Funds Cos. in the country. You also have brokerage houses such as Solomon Smith Barney, Dean Witter, etc. The 2nd largest securites clearing firm is also housed in WTC, that's National Financial, a subsidiary of Fidelity. Not to mention National Financial Securites lock box(place where stock certificates are booked in from all their broker/dealer correspondents). With that burning down, it could put stress on Securities Insurance Protection Corp. SIPC is the FDIC for the securities industry. Don't really know if they have something in the markets set for burned up stock and bond certs in case of terrorism. Someone's gotta pay for em.
Granted all of these firms have extensive back up. All also have different locations. National Financial has operations offices here in the DFW area, trading is done in Boston, as well as operations offices in Denver and FL. It is this factor that added to the SEC deciding not to open tomorrow. Clearing of trades would be difficult when your 2nd largest clearing firm gone in flames. I also believe, but not sure, the Depositary Trust Corp(entity that keep track of all securities) is housed in WTC or nearby building.
The US currency has already dropped. This is actually good to stimulate the economy, however, given we just had tragedy it is viewed as a bad thing. Kinda hard to get investors into a country that just had a terrorism attack even if it is pennies on the dollar.
The world markets are tied in to each other, so as you can see the domino effect of markets dropping. Trading of securities is missing a link in the global markets. Financially the terrorist not only hit America but also impaired the free world as far as the financial markets are concerned. The damage from this really extends farther out than our borders. If the world doesn't back us in eradicating these bastards, they are more blind than expected.