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Tuesday, November 13, 2001, updated at 08:24(GMT+8)

Crash Affects Wall Street

A jetliner crash in New York Monday gave Wall Street a sharp reminder that more terrorist attacks are possible and it prompted shaken investors to refrain from any major moves.
The stock market ended the day mixed, recovering from a steep drop as news reports indicated terrorism did not appear to be the cause of the crash.


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A jetliner crash in New York Monday gave Wall Street a sharp reminder that more terrorist attacks are possible and it prompted shaken investors to refrain from any major moves.

The stock market ended the day mixed, recovering from a steep drop as news reports indicated terrorism did not appear to be the cause of the crash. "Fears are running high," said Alan Ackerman, executive vice president of Fahnestock & Co. "We're dealing with a bruised U.S. psyche, whether it is at the consumer level or the investor level."

The Dow Jones industrial average closed down 53.63, or 0.6 percent, at 9554.37, after dropping as much as 198 in very early dealings.

The American Airlines plane crashed at 9:17 a.m. EST, 13 minutes before the stock market opened. The broader market was mixed. The Nasdaq composite index rose 11.65, or 0.6 percent, to 1840.13, having been down as much as 42. The Standard & Poor's 500 index slipped 1.98, or .02 percent, to 1118.33, having declined as much as 21.

By early afternoon the market had recovered much of its losses as reports indicated that terrorists were not involved. Witnesses reported hearing and seeing an engine fall off, and investigators suggested the noise was caused by a catastrophic mechanical failure. A senior Bush administration official, speaking on condition of anonymity, said: "It's looking like it's not a terrorist attack."

Analysts were encouraged by the market's recovery, especially since stocks were expected to pull back after rallying for several weeks.






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