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Context of 'Early September 2001: NYSE Sees Unusually Heavy Trading in Airline and Related Stocks'

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The Securities and Exchange Commission (SEC) later announces that they are investigating the trading of shares of 38 companies in the days just before 9/11. The San Francisco Chronicle reports that the New York Stock Exchange sees “unusually heavy trading in airline and related stocks several days before the attacks.” All 38 companies logically stand to be heavily affected by the attacks. They include parent companies of major airlines American, Continental, Delta, Northwest, Southwest, United, and US Airways as well as cruise lines Carnival and Royal Caribbean, aircraft maker Boeing and defense contractor Lockheed Martin. The SEC is also looking into suspicious short selling of numerous insurance company stocks, but, to date, no details of this investigation have been released. (Gordon 10/2/2001; San Francisco Chronicle 10/3/2001)

The New York Stock Exchange closes. It is a short distance from the WTC. (MSNBC 9/22/2001)

The New York Stock Exchange, closed since the 9/11 attacks, reopens. During the next five days, the Dow Jones drops nearly 2000 points, but then soon rebounds to above pre-9/11 levels. The attacks caused more than $20 billion in property damage to buildings in New York City and Washington. According to one estimate, the work stoppage and other loss of economic output costs about another $47 billion, making the attacks the costliest man-made disaster in US history. (Schindelheim 9/10/2002)

$2.5 million in put options on American Airlines and United Airlines are reported unclaimed. This is likely the result of the suspension in trading on the New York Stock Exchange after the attacks which gave the SEC time to be waiting if the owners showed up to redeem their put options placed the week before the 9/11 attacks. (Berthelsen and Winokur 9/29/2001)


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